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Naira Appreciates to N1,510/$1 in Black Market

NairaWatch, Naira and dollar

Naira | dollar

The naira opened the week in appreciation in the black market on Monday, strengthening against the dollar to N1,510/$ from last week’s rate of N1,515/$1.

Continuing its positive trajectory from last week, the naira maintained its resilience against the U.S dollar. The naira recorded notable improvement against the British pound and euro, appreciating to N2,070/£1 and  N2,085/£1 respectively, with sell price rising to N2,090/£1 from N2,110/£1.

Against the euro, it improved to N1,760/€1 from N1,770/€1, while the sell price increased to N1,780/€1 from N1,790/€1.

The naira movement in the official market was not as impressive, declining to N1,489/$1 from the previous week’s close of N1,488/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira fluctuating between N1,486/$1 and N1,492/$1 during Monday’s trading.

Monday’s dollar-to-naira performance reflects the persistent volatility in the foreign exchange market. Sustained progress will hinge on stronger fiscal policies and confidence in monetary reforms.

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Tags: black marketnaira
Latifat Fashina

Latifat Fashina

LATIFAT FASHINA is the Business/Finance Reporter at Techeconomy. She can be reached via: latifat.fashina@techeconomy.ng

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