Naira appreciates against dollar following increase in minimum wage
In reaction to President Bola Tinubu's N70,000 new national minimum hike, the naira saw a notable gain on Thursday in both the official and foreign exchange illicit markets.
The naira saw a notable increase on Thursday evening, rising from N1,615 per dollar on Wednesday to N1,565 per dollar, according to a Bureau De Change operator in Wuse Zone 4 in Abuja.
“As of Thursday evening, the dollar is sold for N1565 against N1615 on Wednesday,” he said.
In a similar vein, the Naira strengthened to N1566.92 per dollar on Thursday at the official FX market. According to FMDQ data, the naira strengthened against the dollar on Thursday, moving up from N1581.65 to N1566.92.
In comparison to Wednesday's trading of N1,615 and N1,566.92, this indicates gains of N50 and N14.73 versus the dollar at the black market and official foreign currency markets, respectively.
Hours after President Tinubu raised the minimum pay for Nigerian workers from N30,000 to N70,000, the development took place.
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