Naira appreciates massively against dollar

The Nigerian currency, the naira, appreciated massively against the US dollar in both parallel and official foreign exchange markets on Tuesday.

On the black market, the naira edged the dollar to close at N1,625 on Tuesday compared to N1,650 exchanged on Monday. This showed that the naira firmed up by N25 against the dollar.

“We buy at N1,620 and sell at N1,625 on Tuesday,” a Bureau de Change operator at Wuse Zone 4, Abuja, Abubakar Alhasan, told DAILY POST.

Similarly, on the official market, the naira strengthened to N1,522.28 per dollar from N1,533.63 traded on Monday. This indicated a gain of N11.

The bullish run of the naira in the past 24 hours comes as the Central Bank of Nigeria on Monday released the FX Code.