Naira appreciates by N60 against dollar after Eid-el-fitr holidays

The Naira appreciated by N60 against the US dollar after the Eid-el-Fitr holidays.

A Bureau De Change operator, Mistila Dayyabu, disclosed this to DAILY POST on Friday.

He said Naira sells at N1,140 per US Dollar in the foreign exchange parallel market on Friday from N1,200 on Monday.

“As of Friday, we sold at N1,140 per Dollar and bought at N1,135 compared to N1,200 before Eid-el-fitr holiday”, he said.

The development comes barely four days after the Central Bank of Nigeria reviewed the rate at which it sells FX to BDCs at N1,101 per dollar from N1,251.

For over a month now, the Naira has maintained its gain against the Dollar following CBN’s effort to defend the currency in the foreign exchange market.

Meanwhile, Nigerians have expressed concerns about why the Naira appreciation is not affecting the country’s rising cost of food and living.