Naira gains slightly against the US Dollar

The Nigerian currency, Naira on Tuesday  appreciated marginally to N1480 against the  United States dollar at the parallel foreign exchange market.

The slight appreciation was disclosed to journalists by Dayyabu Ashiru, a bureau de change operator at Wuse Zone 4 in Abuja.

According to him, demand for foreign exchange had remained flat due to the Eid-el-Kabir holiday.

Continuing he said, the Naira was exchanged at N1,480 against the dollar on Tuesday compared between N1,490 to N1500 it was traded last Friday before the holiday.

“We buy at N1,460 against the dollar and sell at N1,480. This is an appreciation compared to the N1,490 to N1,500 it traded last week Friday. I think demand for FX dropped due to the Sallah celebration,” he said.

The development comes as the Nigeria government declared Monday and Tuesday public holidays to mark the Sallah celebration.

Consequently, official FX trading is expected to resume on Wednesday.

Last week Friday, FMDQ data showed that the Naira closed at N1482.72 against the dollar at the official market.

The continued fluctuations of the Naira in the FX market had been a source of concern to financial experts.

Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the fluctuation of the Naira against the dollar is a contributing factor to Nigeria’s soaring inflation, which rose to 33.95 per cent in May 2024.


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