Naira appreciates against dollar at black market
On Thursday, the Naira saw a notable N10 gain vs the USD at the underground foreign exchange market.
The Naira was sold at N1610 per dollar on Wednesday, as opposed to N1620 on Wednesday.
“We buy at N1605 and sell at N1610 on Thursday”, he said.
This development coincides with the launch of the Retail Dutch Auction System by the Central Bank of Nigeria on Wednesday.
According to DAILY POST, the apex bank sold $876.26 million to 26 banks at a rate of N1495 per dollar.
This has had an instantaneous effect on the Naira's foreign exchange market performance. As of the time this story was filed, the official exchange rate for Thursday has not yet been made public.
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