Naira appreciates to N1,000 per dollar at FX black market

The Nigerian currency, the Naira, strengthened to N1000 per US dollar at the beginning of Monday’s foreign exchange market session, as reported by Mistila Dayyabu, a Bureau De Change operator speaking to DAILY POST. Dayyabu anticipates further appreciation of the Naira below the N1000 per dollar threshold throughout the week.

Dayyabu stated, “The Naira is currently trading between N1000 and 1050 per dollar on Monday. As the week progresses, we expect the Naira to appreciate even further, dropping below N1000 per dollar.”

This development follows shortly after the Naira was recognized as the best-performing currency for April by Goldman Sachs. Last Friday, the Naira experienced a gain of N60 against the dollar post-Eid-el-Fitr holidays.

Over recent months, the Naira has consistently appreciated against the dollar, moving from N1,900 in February to N1000 in the parallel market.

Despite the Naira’s strengthening, Nigerians have expressed concerns that this hasn’t translated into lower prices for goods and services. The latest inflation report from the National Bureau of Statistics revealed a rise in food inflation to 40.01 percent in March 2024.