Business
Naira Appreciates in Black Market Amid Weak Dollar Demand
- Naira strengthens in black market: The naira appreciated to N1,610/$1 from N1,620/$1 due to lower demand for dollars, gaining N10 in a single day.
- Slight dip in official rate: At the Central Bank’s official market, the naira slightly weakened to N1,603.78/$1, down by 70 kobo from Friday’s rate of N1,604.48/$1.
- According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the naira strengthened to N1,610 per dollar on Monday.
The Nigerian naira appreciated against the United States dollar in the black market on Monday, showing a positive start to the new trading week. This comes as a welcome development for Nigerians and businesses closely watching the country’s foreign exchange trends.
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According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the naira strengthened to N1,610 per dollar on Monday.
This represents an improvement from the N1,620 rate recorded last Friday. In simple terms, the naira gained N10 in just one day.
Alhasan explained that the gain was largely due to low demand for the US dollar on Monday. “People are not rushing to buy dollars today, and that is why the price dropped a bit,” he said.
Meanwhile, at the official foreign exchange market, the naira slightly weakened. It closed at N1,603.78 per dollar on Monday, compared to N1,604.48 per dollar last Friday. This means the naira lost 70 kobo, according to data from the Central Bank of Nigeria (CBN).
This small loss at the official market follows a downward trend last Friday, when the naira ended the week on a weaker note. The difference in exchange rates between the official and black markets continues to reflect ongoing challenges in Nigeria’s foreign exchange system.
CBN
The latest exchange rate figures also come ahead of the much-anticipated release of Nigeria’s Consumer Price Index (CPI) and inflation data by the National Bureau of Statistics (NBS), scheduled for Tuesday. These figures will give a clearer picture of how rising prices are affecting the economy and whether recent policy measures are working.
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Economists and financial experts are watching closely to see how the inflation numbers will impact the value of the naira in both the official and parallel markets in the coming days.
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