Naira Strengthens at Black Market, Weakens in Official Market Following Trump’s Inauguration

The Naira appreciated against the dollar in the parallel foreign exchange market following Donald Trump’s inauguration as the 47th President of the United States.

Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, informed *DAILY POST* that the Naira strengthened to N1,665 per dollar on Monday, improving from the N1,680 exchange rate recorded last Friday. This represents a gain of N15 against the dollar as trading resumed for the week.

However, the official exchange market told a different story. According to FMDQ data, the Naira depreciated slightly, dropping to N1,550.05 per dollar on Monday compared to the N1,547.58 rate from last Friday. This indicates a marginal decline of N2.47.

Overall, the Naira gained N15 at the black market but weakened by N2.47 in the official window during Monday’s trading.

Newsflash Nigeria also noted that Trump took the oath of office as the 47th President of the United States on Monday. In his inaugural address, he outlined a series of sweeping executive actions to mark the beginning of his administration.

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