Naira gains against dollar after minimum wage increase

The naira appreciated significantly at both official and foreign exchange black markets on Thursday amid President Bola Tinubu’s N70,000 new national minimum increase.

A Bureau De Change operator in Wuse Zone 4 in Abuja said the naira appreciated significantly on Thursday evening to N1,565 per dollar from N1,615 per dollar on Wednesday.

“As of Thursday evening, the dollar is sold for N1565 against N1615 on Wednesday,” he said.

Similarly, at the official FX market, the Naira appreciated to N1566.92 per dollar on Thursday.

FMDQ data showed that the naira appreciated to N1566.92 against the dollar on Thursday from N1581.65.

This represents N50 and N14.73 gain against the dollar at the black market and official foreign exchange markets, respectively, compared to N1,615 and N1,566.92 traded on Wednesday.

The development occurred hours after President Tinubu increased the minimum wage for Nigerian workers to N70,000 from N30,000.