Naira gains value on the FX black market, achieving N1,000 per dollar.

by Amos Kalu

At the start of Monday’s foreign exchange market, the value of the Naira increased to N1000 per US dollar. Mistila Dayyabu, a Bureau De Change operator, revealed this to OHAFIATV News.

The BDC operator says that during the course of the week, the Naira is predicted to strengthen even more below the N1000 per dollar barrier.

On Monday, the value of one Naira is worth between N1000 and N10550. The Naira will strengthen more throughout the week, reaching less than N1000 per dollar, he told OHAFIATV News.

This happened a few days after Goldman Sachs declared that the Naira was the currency with the best performance in April. Remember how the Naira strengthened N60 versus the US dollar on Friday following the Eid-el-Fitr holidays?

The Naira has been strengthening vs the dollar for several months now. In February, the Naira depreciated from N1,900 to N1,000 on the parallel market.

Nigerians, meantime, are disappointed that the appreciation of the Naira has not affected the cost of goods and services.

In March 2024, food inflation reached 40.01 percent, according to the most recent inflation report from the National Bureau of Statistics.

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