As the foreign currency market opened on Monday, the value of the Naira increased to N1000 per US dollar.
This was revealed to the News Men by Mistila Dayyabu, an operator at the Bureau De Change.
The BDC operator predicts that throughout the course of the week, the value of the Naira will continue to rise below N1000 per dollar.
“The Naira is selling between N1000 and 1050 per dollar on Monday. As the week goes on, the Naira will appreciate further to below N1000 per dollar,” he told News Men.
Days after the Naira, according to Goldman Sachs, became the best-performing currency in April, this occurrence occurred.
Remember that following the Eid-el-Fitr celebrations on Friday, the Naira appreciated by N60 vs the US dollar.
The value of the Naira has been rising against the dollar for some months now. In the parallel market, the Naira increased from N1,900 in February to N1,000.
Nigerians have bemoaned the fact that the value of the Naira has increased without having an effect on the cost of products and services.
The National Bureau of Statistics’ latest inflation report showed that food inflation rose to 40.01 per cent in March 2024.
