Naira rises against dollar at black market
In the midst of Donald Trump's inauguration as the 47th president of the United States, the Naira has strengthened against the dollar in the parallel foreign currency market.
The Naira strengthened to N1,665 per dollar on Monday from the N1,680 exchange rate on Friday of last week, according to DAILY POST.
In comparison to N1680 traded last week, the Naira gained N15 versus the dollar when trading resumed on Monday. In the meantime, the Naira's strength against the dollar declined at the official market.
According to FMDQ data, the Naira dropped from N1,547.58 on Friday of last week to N1550.05 on Monday versus the US dollar.
This revealed that it declined somewhat by N2.47 versus the dollar on Monday compared to N1,547.58 traded at the close of business on Friday.
As a result, on the first business day, the Naira lost N2.47 at the official exchange window and gained N15 against the dollar on the black market.
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