Naira appreciates by 1,480/$ against dollar at black market

Date:

June 19, 2024.

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Azonuchechi Chukwu.

The Naira appreciated marginally to N1480 against the dollar at the parallel foreign exchange market, also known as the black market, amid the Sallah holidays.

Dayyabu Ashiru, a bureau de change operator at Wuse Zone 4 in Abuja, disclosed this to Newman on Tuesday.

He noted that demand for foreign exchange had remained flat due to the Eid-el-Kabir holiday.

According to him, 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.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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