Naira gains against the Dollar at black market amid Sallah holiday

During the Sallah holidays, the Naira increased slightly to N1480 per dollar on the parallel foreign exchange market, often known as the black market.

Dayyabu Ashiru, a bureau de change operator in Abuja’s Wuse Zone 4, told the Daily Post about this development on Tuesday.

He pointed out that the Eid-el-Kabir holiday had kept foreign exchange demand low.

According to him, the Naira was exchanged for N1,480 against the dollar on Tuesday, compared to N1,490 to N1500 last Friday before the vacation.

“We buy at N1,460 against the dollar and sell at N1,480. This is an appreciation compared to the N1,490 to N1,500 it traded last week Friday. I think demand for FX dropped due to the Sallah celebration,” he said.

The report comes as the Federal government gave its citizens Monday and Tuesday public holidays to celebrate the Sallah holiday.

Consequently, official FX trading is expected to resume on Wednesday.

Last Friday, FMDQ statistics revealed that the Naira ended at N1482.72 versus the dollar in the official market.

Financial analysts have expressed alarm over the Naira’s continuous swings in the foreign exchange market.

Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, said that the Naira’s volatility versus the dollar is contributing to Nigeria’s increasing inflation, which reached 33.95 percent in May 2024.