News

Naira Records Highest Gain Against Dollar at Black Market

Posted by Lawal Munirat on February 8, 2025 0

Meanwhile at the official market, Naira fell to N1,500.65 per dollar on Thursday from N1,499.76 exchanged the previous day.

The Naira has gained against the dollar at the black market.

The Nigerian currency also recorded its biggest gain against the dollar at the black market on Thursday on a week-on-week basis.

A Bureau de Change Operator in Wuse Zone, Abuja, told DAILY POST that the Naira strengthened to N1570 per dollar on Thursday from N1590 per dollar traded on Wednesday.

This means that N20 was gained on a day-to-day basis, the highest appreciation since the commencement of trade this week.

Meanwhile, at the official market, the Naira fell to N1,500.65 per dollar on Thursday from N1,499.76 exchanged the previous day.

Summarily after Thursday’s trading across FX markets, DAILY POST reports that the Naira firmed up by 20 and dropped N0.89 at the black and official markets, respectively.

DAILY POST observed that in the past days, the gap between official and parallel FX markets has been shrinking.

The development comes as the Central Bank of Nigeria on Wednesday strengthened oversight on BDC operators in the country.

The apex bank’s Trade and Exchange Department capped weekly FX sales to BDC operators at $25,000.

Read Also

Go Back To The Top