Naira appreciates massively against dollar in black market

The naira appreciated massively against the dollar at the parallel foreign exchange market on Monday.

A Bureau de Change operator at Wuse Zone 4, Abubakar Alhasan, confirmed to Newsmen that the naira strengthened significantly to N1,617 per dollar on Monday from N1,635 traded on Friday last week.

This means that the naira gained N18 against the dollar on Monday compared to N1,635 exchanged last Friday.

Similarly, at the official foreign exchange, the naira appreciated, although slightly.

Central Bank of Nigeria exchange data showed that N0.04 gained against the dollar to close at N1,598.68 on Monday from N1,598.72 exchanged at the close of work on Friday last week.

This appreciation comes as the CBN Monetary Policy Committee plans to announce a decision on the interest rate on Tuesday after its monetary policy meeting.