This week, the naira experienced its first increase against the dollar in the parallel foreign exchange market on Tuesday.
Idris Yunusa, a Bureau de Change operator in Wuse Zone 4, Abuja, informed DAILY POST that the naira rose to N1,580 per dollar on Tuesday, up from N1,585 on Monday. This marks a gain of N5 for the naira compared to the previous day’s rate.
In contrast, the naira depreciated in the official market. According to the Central Bank of Nigeria’s exchange data, it fell to N1,532.93 on Tuesday from N1,528.03 on Monday, reflecting a decline of N4.90 per dollar.
It is worth noting that on Monday, the naira weakened against the dollar at the beginning of the week, despite a decrease in Nigeria’s inflation rate.
