Business
Naira Gains Against Dollar at Official Market Post-Eid, While Black Market Sees Slight Dip
The naira continued its appreciation against the dollar on Wednesday at the official foreign exchange market following the Eid-el-Fitr holidays. According to data from the Central Bank of Nigeria, the naira strengthened to N1,531.25 per dollar on Wednesday, compared to N1,536.82 on Friday before the break. This represents a gain of N5.57 per dollar in a single day. However, on the black market, the naira saw a slight depreciation, falling to N1,555 per dollar from N1,550 traded on Friday.
In a related development, the Central Bank of Nigeria also announced over the weekend that the country’s Net Foreign Exchange Reserve (NFER) had reached $23.11 billion, marking the highest level in more than three years.
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