Despite the ongoing hunger protests, the naira has shown a remarkable increase in value against the dollar in the foreign exchange market.
Data from FMDQ revealed that the currency strengthened to N1607.15 against the dollar on Monday, up from N1617.08 from the previous Friday’s exchange rate.
This signifies a gain of N9.93.
Conversely, in the black market, the naira maintained stability, holding at the same N1610 per dollar rate seen at the close of trading on Friday last week.
Simultaneously, the FX transaction turnover declined to $77.09 million on Monday, down from $131.55 million recorded at the conclusion of the preceding week’s trading.
“The market is relatively quiet, but offices remain operational in Wuse Zone 4. There have been no significant changes. Our buying rate stands at N1590 per dollar, while we sell at N1610,” remarked Dayyabu Ashiru, a Bureau De Change operator at Wuse Zone 4, Abuja, during an interaction with NewsNow on Monday.
The hunger protests, which began last Thursday, entered the fifth day on Monday.