Following the conclusion of the Eid-el-Fitr holidays, the Nigerian Naira has seen a notable appreciation of N60 against the US dollar.
According to Mistila Dayyabu, a Bureau De Change operator, who shared insights with Daily Post on Friday, the Naira now trades at N1,140 per US Dollar in the parallel foreign exchange market, a significant improvement from the N1,200 recorded on Monday.
“We are currently selling at N1,140 per Dollar and buying at N1,135, compared to the pre-holiday rate of N1,200,” Dayyabu stated.
This development occurs merely four days after the Central Bank of Nigeria (CBN) adjusted its FX selling rate to BDCs to N1,101 per dollar, down from the previous N1,251.
The Naira’s consistent gains against the Dollar have been sustained for over a month, a result of the CBN’s efforts to stabilize the currency in the foreign exchange market.
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