Naira Records Highest Gain Against Dollar At Black Market

The Naira has appreciated further against the Dollar at the parallel foreign exchange market.

This comes as the Naira recorded the biggest gain against the dollar at the black market on Thursday on a week-on-week basis.

A Bureau de Change Operator in Wuse Zone, Abuja, told our reporter that the Naira strengthened to N1570 per dollar on Thursday from N1590 per dollar traded on Wednesday.

This means that N20 was gained on a day-to-day basis, the highest appreciation since the commencement of trade this week.

Meanwhile, at the official market, the Naira fell to N1,500.65 per dollar on Thursday from N1,499.76 exchanged the previous day.

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Summarily after Thursday’s trading across FX markets, the Naira firmed up by 20 and dropped N0.89 at the black and official markets, respectively.

In the past days, the gap between official and parallel FX markets has been shrinking.

The development comes as the Central Bank of Nigeria on Wednesday strengthened oversight on BDC operators in the country.

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The apex bank’s Trade and Exchange Department capped weekly FX sales to BDC operators at $25,000.