The Naira has appreciated against the U.S. dollar in the parallel market, coinciding with Donald Trump’s inauguration as the 47th President of the United States.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, reported that the Naira strengthened to ₦1,665 per dollar on Monday, up from ₦1,680 on Friday of the previous week. This reflects a gain of ₦15 against the dollar as trading resumed on Monday.
However, in the official foreign exchange market, the Naira showed a slight depreciation. Data from FMDQ revealed that the Naira fell to ₦1,550.05 per dollar on Monday, compared to ₦1,547.58 on Friday. This represents a marginal decline of ₦2.47.
In summary, the Naira gained ₦15 against the dollar in the black market but weakened by ₦2.47 at the official exchange window on the first trading day of the week.
Donald Trump was sworn in as the 47th President of the United States on Monday. During his inaugural address, he announced a series of sweeping executive orders, marking the start of his administration.
