The naira has begun the week on a positive note in the unofficial, parallel foreign exchange market, showing appreciation against the dollar.
According to insights from a Bureau de Change operator in Wuse Zone 4, the naira gained N10 against the dollar, trading at N1590 on Monday, compared to N1600 at which it closed last Friday.
However, the trend was different in the official foreign exchange market, where the Nigerian currency experienced a slight depreciation, falling by N1.16 to N1,548.52 to the dollar.
This development indicates a notable strengthening of the local currency in the black market, where a significant portion of foreign exchange transactions occur.
