Naira experiences an appreciation to N1,000 per dollar on the FX black market

The Nigerian currency, the Naira, saw an increase in value to N1000 per US dollar as the foreign exchange market opened on Monday, as reported by Bureau De Change operator Mistila Dayyabu to Obasanjonews.com.

Dayyabu mentioned that there are expectations for the Naira to continue appreciating even further below the N1000 per dollar threshold throughout the week, indicating a positive trend in the currency’s value.

This development follows recent news that the Naira was recognized as the best-performing currency in April by Goldman Sachs, showcasing a significant improvement in its exchange rate against the US dollar.

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Despite the Naira’s recent gains, concerns have been raised by Nigerians regarding the impact of this appreciation on the prices of goods and services, as the National Bureau of Statistics reported a rise in food inflation to 40.01% in March 2024.

The continuous appreciation of the Naira against the dollar has been ongoing for months, with the currency moving from N1,900 in February to N1000 in the parallel market, reflecting a positive trend in the foreign exchange market.