Naira posts biggest single-day gain against dollar in official, black markets

The naira recorded its highest single-day appreciation against the dollar across both the official and parallel foreign exchange markets on Monday.

The naira gained to N1,526.09 against the dollar on Monday from N1,531.57 at the official exchange market, according to Central Bank of Nigeria data.

This means that at the official market, the naira strengthened by N5.48 per dollar on Monday compared with N1,531.57 traded on Friday last week. The figure surpassed the N3.9 margin at which the naira appreciated at the close of Friday the previous week.

Similarly, in the black market, the naira firmed by N10 to N1,533 on Monday from N1,543 traded on Friday, a Bureau De Change operator in Wuse Zone 4, Abubakar Alhasan

He said that the appreciation of the naira is unconnected to low demand for foreign currency on Monday.

“The appreciation is due to low demand of FX,” Alhasan disclosed