Naira gains against dollar in black market
On Monday, the alternative foreign exchange market saw a sharp increase in the value of the naira relative to the dollar.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, confirmed that the naira appreciated sharply from Friday last week's trading of N1,635 to N1,617 per dollar on Monday.
In comparison to last Friday's exchange of N1,635 to the dollar, the naira gained N18 on Monday. In a same vein, the naira saw a small increase in value at the official foreign exchange.
N0.04 increased versus the dollar to finish at N1,598.68 on Monday, according to Central Bank of Nigeria exchange statistics, from N1,598.72 at the end of business on Friday of last week.
This increase coincides with the CBN Monetary Policy Committee's intention to declare an interest rate decision following its monetary policy meeting on Tuesday.
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