The Naira returned to work positively after the Christmas vacation, depreciating against the US dollar on Wednesday in the parallel market.
According to FMDQ data, the Naira increased to N872.59 per $1 from N885.88 per $1 on Friday before Christmas holiday.
Meanwhile, Dayyabu Mistila, the A Bureau De Change Operator in Wuse Zone 4, told DAILY POST that the Naira traded at N1,210 per $1 on Wednesday, up from N1,205 per $1 on Tuesday.
“We sold at N1,210 per $1 on Wednesday, up from N1,205 on Tuesday.” On Wednesday, however, we buy at N1,200 per $1,” he stated.
The cited amount indicated that the country’s currency, the Naira, had fallen somewhat from the N1,205 to $1 it traded on Tuesday.
Meanwhile, on Binance, a P2P market and cryptocurrency platform, the Naira traded around N1,193.9 to $1 on Wednesday.
The Naira has fluctuated in the currency markets since June 14, 2023, when the apex bank implemented FX reforms.
Olayemi Cardoso, Governor of the Central Bank of Nigeria, has informed Nigerians that the Naira is likely to strengthen in the foreign exchange market in 2024.