Naira Gains on the Black Market, Sells at N1,150/$1

Naira Gains on the Black Market, Sells at N1,150/$1

The value of the naira has strengthen at the parallel market on Thursday as the three-day public holiday was rounding up, selling around N1,150 to the dollar compared to N1,200 which it sold on Monday this week.

According to report, the appreciation of the naira on the streets is attributed to the policies of the Central Bank of Nigeria (CBN) which includes disbursing dollars to Bureau de Change (BDC) operators at the lower band of the previous trading at the Nigeria Autonomous Foreign Exchange Market (NAFEM).

Traders note that the CBN policies coupled with a lower demand for the greenback and the prolonged holiday had seen the appreciation in the value of the naira on Thursday.