Reports from the money market say Naira’s Black market rates for Dollar, Pound and Euro depreciated early this week, after Muhammadu Buhari handed over the presidential reins of power to Bola Tinubu.
The average price of the Dollar at the black market on Monday morning was placed at 758/$1. The cost of the United States currency dropped by N4.03.
This indicates the Naira gained against the United States Dollar in the early hours of today, appreciating by 0.52 per cent, having traded around the same period last week Friday at N762.03/$1.
Also, the Pound Sterling fell to the Naira in the parallel market, dropping by N6 or 0.6 per cent to N950.9kobo/£1, from N956.7 kobo.
Similarly, the Euro decreased in value to N825.9 kobo/€1, as the worth of the Naira increased by 0.7 per cent, considering the Euro exchange rate was N831.4 kobo on Friday.
FMDQ Securities reported that the official market rate of the Dollar closed Friday’s trading at N464.51/$1, up from N463.67 kobo/$1 the day before.
Meanwhile, recall that Tinubu stated in his manifesto that he plans to strengthen the Naira when elected, projecting that the Dollar rate will trade at N300/$1 in the short term of his administration.
According to Tinubu, within four years, the Dollar rate will trade around N200/$1.