Naira strengthens against dollar, checkout new rate

The naira has strengthened against the American dollar in the black market, NAIJ.com can authoritatively report this Tuesday, May 17.

According to our Bureau De Change source, the nation’s currency has gained strength and now trades at N348 as against the N367 it was on Monday, May 16.

Our BDC source in Abuja said: “The naira against dollar stands at N348 today and it is the same in Katsina. Although we still don’t have to sell because for the rush of the dollar.”

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The naira which had crashed on Friday, May 13, ending the week at N360 per dollar, made a remarkable comeback in the early hours of yesterday, trading at N343/$1 across major parts in the country.

However, the nation’s currency weakened against the dollar and closed at N367 to the greenback.

Meanwhile, the president of the Association of Bureau de Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has revealed that the pressure on the naira would continue to be strong but the value is expected to be relatively stable as the market awaits the decision of the apex bank.

He said: “There has been calm after the initial announcement which saw the naira drop to N360, which it is at now, and is expected to remain so until the CBN announces their plan.”

You can check out our bureau de change market here for the most authentic forex rates.

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