Naira records first gain against dollar on black market

The naira appreciated against the dollar at the parallel foreign exchange market on Tuesday, marking its first gain this week.

A Bureau de Change operator in Wuse Zone 4, Abuja, Idris Yunusa, confirmed to DAILY POST that the naira strengthened to N1,580 per dollar, improving from N1,585 recorded on Monday. This represents a N5 gain in a day.

However, in the official market, the naira depreciated against the dollar. Data from the Central Bank of Nigeria (CBN) showed that the currency dropped to N1,532.93 per dollar on Tuesday, down from N1,528.03 on Monday. This indicates a N4.90 loss in the official exchange rate.

The naira’s movement comes amid continued economic concerns, despite a reported drop in Nigeria’s inflation rate.