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Naira appreciates in black market at N1480 per dollar

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The Naira on Tuesday appreciated marginally at N1480 against the dollar at the parallel foreign exchange market amid the Sallah holidays.

According to Dayyabu Ashiru, a bureau de change operator at Wuse Zone 4 in Abuja the demand for foreign exchange was flat due to the Eid-el-Kabir holiday.

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.

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