Naira Rises to N1,430 per Dollar in Informal Market

The naira went up to N1,430 per dollar in the informal market from N1,470 last weekend. Additionally, in the official market, the naira fell to N1,534 per dollar.

In simpler terms, the naira’s value increased to N1,430 for each dollar in the market where people exchange money unofficially. On the other hand, in the official market where banks and businesses trade currency, the naira decreased to N1,534 per dollar.

According to data from FMDQ, which tracks financial markets, the naira’s value in the official market dropped to N1,408.04 per dollar from N1,431.49 per dollar last week Friday. This means the naira gained N23.45 in value.

As a result, the difference in value between the unofficial market and the official market decreased to N21.96 per dollar from N38.51 per dollar last week Friday. This shows that the naira’s value is getting closer between these two markets.