Naira Gains Against Dollar at Official Market, Loses at Black Market

The Nigerian currency, the Naira, has experienced a mixed performance against the US Dollar, gaining at the official market but losing at the black market.

At the official market, the Naira appreciated by ₦9.93, trading at ₦1,607.15 per US Dollar, according to data from the FMDQ Exchange. This represents a gain of 0.61% compared to the previous trading day.

However, at the black market, the Naira depreciated, trading at ₦1,600 – ₦1,607 per US Dollar, according to sources at Bureau De Change (BDC).

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“It’s a mixed bag for the Naira today,” said a currency analyst. “While the gain at the official market is welcome, the loss at the black market is a concern.”

The total daily turnover at the official market declined to $77.09 million, down from $131.55 million recorded on August 2.

In the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between ₦1,620.50 and ₦1,570.00 against the Dollar.