Money Market
Naira appreciates to N1,000 per dollar at FX black market
The Naira appreciated to N1000 per US dollar as Monday’s foreign exchange market commenced.
A Bureau De Change operator, Mistila Dayyabu, disclosed this to the newsmen.
According to the BDC operator, the Naira is expected to appreciate further below the N1000 per dollar mark during the week.
“The Naira is selling between N1000 and 1050 per dollar on Monday. As the week goes on, the Naira will appreciate further to below N1000 per dollar,” he said.
The development came days after the Naira emerged as the best-performing currency in April, according to Goldman Sachs.
Recall that on Friday, the Naira gained N60 against the dollar after the Eid-el-Fitr holidays.
For months now, Naira has continued its appreciation against the dollar. The Naira moved from N1,900 in February to N1,000 at the parallel market.
Meanwhile, Nigerians have lamented that the Naira’s appreciation has not impacted the prices of goods and services.
The National Bureau of Statistics’ latest inflation report showed that food inflation rose to 40.01 per cent in March 2024.
