Naira Appreciates Against Dollar on Black Market

• The naira has appreciated against the dollar at the parallel foreign exchange market, closing Monday’s trading with gains.

• According to a Bureau de Change operator, the naira traded at N1,600 per dollar on Tuesday, up from N1,610 exchanged on Monday.

• The development comes as the Central Bank of Nigeria extended FX sales to BDC operators until the end of May 2025

The naira has appreciated against the dollar at the parallel foreign exchange market, closing Monday’s trading with gains.

A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, told DAILY POST that the naira traded at N1,600 per dollar on Tuesday, up from N1,610 exchanged on Monday.

This means that, on the black market, the naira gained N10 against the dollar at the FX market on Tuesday compared to N1,610 traded the previous day.

Meanwhile, at the official FX market, the naira closed at N1,498.95 per dollar on Tuesday, up from the N1,495.60 exchange rate on Monday.

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The development comes as the Central Bank of Nigeria on Monday extended FX sales to BDC operators until the end of May 2025. Recall that the naira also closed Monday’s trading with mixed sentiments of gains and losses across FX markets.

Earlier, DRN reports that Nigeria’s external reserves dropped by $1.19 billion in the last weeks.

NELFUND Disburses N20bn to 192,906 Students, Clarifies Disbursement Reports

The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N20 billion in institutional fees to tertiary institutions nationwide, benefiting 192,906 students.

In a statement released by its management in Abuja, NELFUND addressed widespread misconceptions about the total amount disbursed.

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