According to a report by Daily Trust on Saturday, May 4, 2024, there was a small increase in the value of the Nigerian Naira to the US Dollar in both the official and unofficial foreign currency markets….CONTINUE READING
The Naira was reported to have exchanged at N1400.40 per Dollar at the closing of Friday, May 3, 2024, according to statistics from FMDQ.
This represents a slight improvement above the rate of N1402.67 per Dollar from the previous day.
This incident reassured market traders, as the Naira appreciated 2.27% versus the US dollar on Friday.
Weekly, the Naira lost N63.44 versus the US dollar as compared to the N1339.23 that was exchanged at the official market on April 26, 2024.
According to Aminu Gwadabe, National President of Bureaux de Change Operators in Nigeria, the Naira is expected to drop below N1,000 per dollar at the FX market due to ongoing cooperation with the Central Bank of Nigeria and harmonization of the retail end of the forex market.
Foreign Exchange: Naira Appreciates Against Dollar At Official, Parallel markets
ByAllNigeria
May 5, 2024