During the Sallah holiday, the Naira experienced a modest rise to N1480 per dollar on the parallel market, commonly known as the black market.
Dayyabu Ashiru, a currency trader at Wuse Zone 4 in Abuja, informed the Daily Post on Tuesday.
He mentioned that the demand for foreign currency remained stable because of the Eid-el-Kabir holiday.
Ashiru explained that the Naira traded at N1480 per dollar on Tuesday, an improvement from the N1490 to N1500 range it was in before the holiday last Friday.
“We purchase at N1460 per dollar and sell at N1480. This shows an appreciation compared to the N1490 to N1500 range last Friday. I believe the FX demand decreased due to the Sallah celebrations,” he said.
This improvement follows the Nigerian government’s announcement of public holidays on Monday and Tuesday for the Sallah celebration.
As a result, official foreign exchange trading will continue on Wednesday.
Last Friday, data from FMDQ indicated the Naira closed at N1482.72 per dollar in the official market.
The ongoing volatility of the Naira in the foreign exchange market has been troubling financial experts.
Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, remarked that the Naira’s fluctuations against the dollar contribute to Nigeria’s rising inflation, which reached 33.95% in May 2024.
