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Dollar gains to N9 at Black Market as Tinubu vows to unify exchange rate
By: Cletus Sunday Ilobanafor
Tue, 30 May 2023   ||   Nigeria,

Nigeria’s unofficial foreign exchange market reacted positively on the inauguration day of Bola Ahmed Tinubu as Nigeria’s 16th President.

The black market opened on Monday at N763 against the US dollar but dropped by N9 at the close of trade.

Prices at Zone 4, a popular Bureau de Change hub in Abuja closed between N755 and N754 against the dollar.

The naira has been trading low against the dollar over low foreign exchange earnings.

But Tinubu said in his first inaugural speech that he will unify the exchange rate.

The secondary market intervention sales retail window, the small and medium-size enterprises (SME) window, and the window for invisibles.


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