Naira appreciates massively against dollar at the black market

The naira appreciated significantly against the dollar at the parallel foreign exchange market on Wednesday.

Abubakar Alhassan, a Bureau De Change operator at Wuse Zone 4, told DAILY POST that the naira strengthened to N1700 against the dollar on Wednesday from the N1730 exchange on Tuesday.

He said: “We sell at N1,700 and buy at N1,690 on Wednesday compared to the N1,730 per dollar exchange rate on Tuesday. In the past two days, the naira has been appreciating.”

This represents a N30 gain compared to N1,730 traded on Tuesday.

Meanwhile, FMDQ data has remained unchanged at N1672.69 per dollar, the same rate quoted since Thursday, 29 November 2024.

This comes as, at the end of November 2024, fresh FX policies were announced.

DAILY POST recalls that the Central Bank of Nigeria recently directed banks to transition to the Bloomberg BMatch system for FX trading from December 2, 2024.

The development comes at the time the apex bank set a minimum FX trading limit at $100,000 from $50,000.

Naira appreciates massively against dollar at the black market