Naira extends appreciation against dollar at black market

Forum 7 hours ago

Naira extends appreciation against dollar at black market

The Nigerian currency, Naira, continued its appreciation run against the dollar at the parallel foreign exchange market on Friday.

According to a Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, the Naira appreciated to N1565 per dollar at the close of business on Friday from N1570 traded on Thursday.

This means that on Friday, the Naira recorded a N5 gain against the dollar compared to the N1,570 exchange rate the previous day.

Meanwhile, at the official FX, the Naira closed at N1,500.41 per dollar on Friday from N1,499.98 exchange on Thursday, according to the Central Bank of Nigeria’s FX data.

A comparison across the FX market showed that the gap between the official and parallel windows has shrunk to N64.59.

The Naira’s gain against the dollar may not be unconnected to CBN’s FX Code and FX sell extension to BDC operator policies.