July 18, 2024

During the Sallah holidays, the Naira saw a slight appreciation, trading at N1480 against the dollar in the parallel foreign exchange market, commonly known as the black market.

This information was revealed by Dayyabu Ashiru, a bureau de change operator in Abuja’s Wuse Zone 4, in an interview with our correspondent on Tuesday.

Ashiru noted that the demand for foreign exchange had remained steady during the Eid-el-Kabir holiday period. “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.

This development coincides with the Nigerian government’s declaration of Monday and Tuesday as public holidays to mark the Sallah celebration. Official foreign exchange trading is set to resume on Wednesday.

Last Friday, FMDQ data showed that the Naira closed at N1482.72 against the dollar in the official market. The fluctuating value of the Naira in the FX market has been a point of concern for financial experts.

Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, highlighted that the volatility of the Naira against the dollar is a significant factor contributing to Nigeria’s rising inflation, which reached 33.95 percent in May 2024.

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