Naira gains against Dollar in black market

The Naira recorded a significant N10 against the Dollar at the black market foreign exchange on Thursday.

A Bureau De Change Operator in Wuse Zone 4, Dayyabu Ashiru confirmed to DAILY POST on Thursday that the Naira was sold at 1610 per dollar from N1620 on Wednesday.

“We buy at N1605 and sell at N1610 on Thursday”, he said.

The development comes amid the commencement of the Central Bank of Nigeria’s Retail Dutch Auction System on Wednesday.

DAILY reports that the apex bank said it sold $876.26 million to 26 banks at an N1495 per dollar rate. This has resulted in an immediate impact on the performance of Naira in the foreign exchange market.

Meanwhile, the official exchange rate on Thursday is yet to be released as of filing this report.