Naira Bounces Back, Gains Over N100 Against Dollar in Black Market, Traders Quote New Exchange Rate [Video]

• The value of the Nigerian currency recovered in the unofficial foreign exchange market over the weekend
• The naira showed a strong performance amid concerns expressed by lawmakers in the Senate and Nigerians
• The Association of Bureau de Change Operators of Nigeria has proffered solutions to halt the depreciation of the naira

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The naira again appreciated against the US dollar in the black market, also known as the parallel foreign exchange markets.

Bureau de Change traders who spoke to Legit.ng said the naira’s value on Monday, April 29, 2024, stands at N1,275 against the US dollar.

This represents a N125 or 9.8% appreciation when compared to N1,400 to a dollar it traded at the close of trading activity on Friday, …