Market News
Naira tumbles against dollar at black market - DAILY POST
The naira dropped against the dollar at the parallel foreign exchange market to resume this week on Monday.
According to a Bureau de Change operator, in Wuse Zone 4 Abuja, Abubakar Alhasan, the Naira dropped to N1,570 per dollar on Monday from N1,565 traded on Friday last week.
This means that the Naira fell slightly by N5 to the dollar, which closed at N1,565 per dollar at the close of work last Friday.
The depreciation recorded in the black market comes after a significant gain experienced in the parallel FX market.
Meanwhile, the exchange data has not been released by the Central Bank of Nigeria as of the time of filing this report.
Last week, the Naira stood at N1,500.41 per dollar on Friday last week.
The development comes as the apex bank on Monday moved the 299th Monetary Policy Committee to 18th and 19th February, 2025.
