Naira defies protests, records significant appreciation against dollar

Despite the ongoing hunger protests, the naira saw a notable increase versus the dollar in the foreign exchange market.

According to FMDQ data, the value of the currency increased from N1617.08 last Friday to N1607.15 on Monday versus the US dollar.

This is an increase of N9.93.

The naira held steady on the black market, trading at the same N1610 to dollar exchange rate as it did on Friday of last week.

This occurs as FX transaction turnover decreased from $131.55 million at the close of trade the previous week to $77.09 million on Monday.

“The market is scanty but offices are open in Wuse Zone 4. Nothing has changed. We buy at N1590 per dollar and sell at N1610,” Dayyabu Ashiru, a Bureau De Change operator at Wuse Zone 4, Abuja, told ZINGTIE on Monday.

Monday marked the fifth day of the hunger protests, which started last Thursday.

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