NAIJA NEWS
The Nigerian Naira appreciated significantly in the foreign exchange (FX) market as trading resumed after the Easter holiday, with rates dropping to N1,238.3 against the US dollar.
Bureau De Change (BDC) operators reported buying rates at N1,220 per dollar and selling rates at N1,265 per dollar for both cash and transfer transactions.
In the parallel or black market, the Naira saw a further appreciation to N1,225 per dollar, marking a 1.99 percent increase from the previous week’s close of N1,280.
This uptrend in the Naira’s value is attributed to the Central Bank of Nigeria (CBN)’s recent initiative to clear all verified foreign exchange backlogs, with a final tranche of $1.5 billion being processed.
