See Exchange Rate As Naira Appreciates Against Dollar On Black Market

Naira appreciated against dollar at the parallel foreign exchange market on Monday, beginning the week on a positive note.

A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan said the naira strengthened to N1610 per dollar on Monday from N1620 exchanged on Friday last week.

“It is due to weak demand for the dollar on Monday,” he stated.

This means that the naira gained N10 on a day-to-day basis on Monday.

Meanwhile, at the official market, the naira depreciated slightly to N1,603.78 per dollar on Monday from N1,604.48 at the close of last week.

This indicates that the naira marginally lost N0.70 against the dollar on Monday, according to the Central Bank of Nigeria exchange rate.

Recall that last week Friday, the naira depreciated to end the week on a negative note at the official FX market.

Monday’s FX data comes ahead of the release of Nigeria’s consumer price index and inflation figures, which are due to be released by the National Bureau of Statistics on Tuesday.