Naira records first appreciation against dollar across black, official FX markets

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Naira records first appreciation against dollar across black, official FX markets

The naira appreciated against the dollar across both parallel and official foreign exchange markets on Monday, marking its first gain since last week.

A Bureau de Change operator at Wuse Zone 4, Abuja, Abubakar Alhasan, told Waploaded that the naira traded at N1,570 per dollar on Monday, compared to N1,580 recorded on Friday last week.

This indicates that the naira gained N10 against the dollar on Monday, strengthening from N1,580 on Friday and starting the week on a positive note.

Similarly, in the official market, the naira appreciated against the dollar, closing at N1,531.19 on Monday, up from N1,536.89 last week, according to official FX data from the Central Bank of Nigeria. This represents a gain of N5.7 at the official market on a day-to-day basis.

Last week, the naira depreciated in the official market but strengthened in the black market, ending the week with mixed sentiments.

The last time the naira appreciated against the dollar was last Tuesday and Wednesday in the official and parallel markets, respectively.