Naira Strengthens Against Dollar At Official Market

• The naira strengthened against the dollar at the official foreign exchange market on Thursday, gaining N1.54847 per dollar.

• This marginal appreciation of N2.63 indicates stability for the naira against the dollar at the official market.

• However, the naira dipped by N13 on Thursday on the black market, contradicting its performance at the official market.

The naira gained ground against the dollar at the official foreign exchange market on Thursday, according to FMDQ data.

The naira appreciated by N1.54847 per dollar, up from N1.551.10 recorded the previous day, indicating a marginal appreciation of N2.63.

This development suggests stability for the naira against the dollar at the official market.

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READ ALSO: Naira Depreciates Against Dollar At Official Market(See New Rates)

However, the naira dipped by N13 on Thursday on the black market, contradicting its performance at the official market.

Bayo Onanuga, spokesperson for President Bola Ahmed Tinubu, recently highlighted the naira’s stability against the dollar, stating, “Naira now holding grounds against dollar, Peter Obi should spread the news.”

This statement comes after the naira weakened against the dollar at both official and parallel foreign exchange markets in response to Nigeria’s inflation rate.

Naira Appreciates Against Dollar on Black Market

The naira strengthened against the dollar at the parallel foreign exchange market on Tuesday, according to a Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan.

Alhasan told newsmen that the naira was sold at N1,660 per dollar on Tuesday, up from N1,667 on Monday.

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