Business
Naira Gains Strongly Against Dollar in Black Market Ahead of CBN Interest Rate Decision
The naira saw a significant appreciation against the US dollar in the parallel foreign exchange market on Monday. According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, the naira strengthened to N1,617 per dollar, improving from N1,635 recorded last Friday. This marks an N18 gain in value on the black market within just a couple of days.
At the official foreign exchange market, the naira also appreciated, though more modestly. Data from the Central Bank of Nigeria showed the naira closed at N1,598.68 per dollar on Monday, a slight gain of 4 kobo from N1,598.72 on Friday.
The currency’s recent strength comes ahead of the Central Bank of Nigeria’s Monetary Policy Committee meeting scheduled for Tuesday, where a decision on interest rates is expected.