The foreign exchange (FX) resumed on Tuesday after the Easter holiday with the Naira appreciating to 1,238.3 as Bureau De Change (BDC) operators bought at N1,220 per dollar, cash and transferred to customers at N1,265/$.
The Naira appreciated further to 1,225 per dollar on the parallel market, also known as the black market. This represents a 1.99 percent appreciation over the N1,280 closed last week.
The Naira strengthened in both the official and parallel market segments following the Central Bank of Nigeria (CBN)’s move to clear all verified FX backlogs (final tranche of $1.5bn).
The Naira which appreciated by 21.8 percent month-on-month in March 2024 is expected to maintain the trend in April, following the policy measures of the Central Bank.
