Naira Appreciates Against Dollar At Black Market

The Naira appreciated against the dollar at the parallel foreign exchange market (black market).

Abubakar Alhassan, a Bureau of De Change operator at Wuse Zone 4, said that the naira strengthened slightly at N1748 per dollar on Wednesday from N1755 exchanged on Tuesday.

This means that the naira gained N7 compared to the N1755 traded on Tuesday at the parallel market.

Meanwhile, at the official market, the naira closed at N1660.83 against the dollar on Wednesday from N1659.40 exchanged the previous day. At the official market, the fell marginally by N1.43 against the dollar on Wednesday.

EKO HOT BLOG reports that FX transaction turnover dropped to $337.03 million on Wednesday from $425.98 million recorded the previous day.

This comes hours after the Central Bank of Nigeria’s latest intervention, which pegged the minimum trade at $100,000 in its new Electronic Foreign Exchange Matching System (EFEMS).

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