Business
Naira Strengthens Against Dollar in Both Official, Black Markets
The naira gained ground against the United States dollar in both the official and parallel foreign exchange markets on Monday. Data from the Central Bank of Nigeria showed the local currency closed at N1,528.33 per dollar, slightly stronger than Friday’s rate of N1,528.56. Though modest, the N0.23 appreciation marks a positive shift in the official market.
In the parallel market, often referred to as the black market, the naira saw a more notable improvement. It appreciated by N20, moving from N1,570 on Friday to N1,550 per dollar on Monday. This upward trend comes after the naira weakened across both markets at the end of last week.
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