The Nigerian Naira has surged to N1000 per US dollar as trading commenced on Monday in the foreign exchange market.
This revelation was made by Mistila Dayyabu, a prominent Bureau De Change operator, in an exclusive disclosure to news men
Dayyabu further anticipates a continued appreciation of the Naira, projecting it to dip below the N1000 per dollar threshold throughout the week.
“On Monday, the Naira is being exchanged between N1000 and 1050 per dollar. We foresee a progressive uptrend, with the Naira poised to dip below N1000 per dollar as the week progresses,” stated Dayyabu to news men
This development follows closely after the Naira clinched the title of the best-performing currency for April, as reported by Goldman Sachs.
The recent Eid-el-Fitr holidays witnessed the Naira gaining a significant N60 against the dollar.
Over the past few months, the Naira has demonstrated a consistent upward trajectory against the dollar, marking a remarkable journey from N1,900 in February to the current N1000 in the parallel market.
However, despite the appreciative trend of the Naira, concerns linger among Nigerians regarding its impact on the prices of commodities and services.
The latest inflation report from the National Bureau of Statistics reveals a surge in food inflation to 40.01 per cent in March 2024, underscoring the disconnect between the Naira’s strength and its influence on consumer prices.
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