Naira strengthens Against Dollars at black market as exchange rate rises

Naira appreciates at official market as dollar supply improves by 44%Naira has recorded significant gain at the parallel market on Thursday as it rose to N560/$1 in the early hours of Thursday, 30th December 2021.

This is according to information obtained by Nairametrics from Bureau De Change operators in Lagos State.

The exchange rate appreciated by 1.58% on Thursday to trade at N560/$1 at the parallel market compared to N569/$1 recorded the previous day. The rate at N560/$1 represented the lowest recorded since November 29th, 2021.

On the other hand, exchange rate at the P2P market depreciated from N568.2/$1 recorded on Wednesday, 29th December 2021 to trade at N570.2 in the early hours of Thursday, 30th December 2021.

Naira has witnessed consistent decline in the past week, dropping from N560.95/$1 recorded before the Christmas break to trade for as high as N571.4/$1 at the P2P market