Naira gains against dollar after minimum wage increase

In reaction to President Bola Tinubu’s N70,000 new national minimum hike, the naira saw a notable gain on Thursday in both the official and foreign exchange illicit markets.

The naira saw a notable increase on Thursday evening, rising from N1,615 per dollar on Wednesday to N1,565 per dollar, according to a Bureau De Change operator in Wuse Zone 4 in Abuja.

“As of Thursday evening, the dollar is sold for N1565 against N1615 on Wednesday,” he said.

In a similar vein, the Naira strengthened to N1566.92 per dollar on Thursday at the official FX market.

According to FMDQ data, the naira strengthened against the dollar on Thursday, moving up from N1581.65 to N1566.92.

In comparison to Wednesday’s trading of N1,615 and N1,566.92, this indicates gains of N50 and N14.73 versus the dollar at the black market and official foreign currency markets, respectively.

This happened just hours after President Tinubu raised the minimum wage in Nigeria for workers to N70,000 from N30,000.

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