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The naira showed a notable gain against the dollar in the foreign exchange market, despite ongoing hunger protests. According to FMDQ data, the currency appreciated to N1607.15 against the dollar on Monday, up from N1617.08 last Friday. This marks a N9.93 gain.
In the black market, however, the naira remained stable, trading at N1610 per dollar, the same rate as last Friday.
Foreign exchange transaction turnover decreased to $77.09 million on Monday, down from $131.55 million at the end of the previous week.
“The market is scanty but offices are open in Wuse Zone 4. Nothing has changed. We buy at N1590 per dollar and sell at N1610,” Dayyabu Ashiru, a Bureau De Change operator in Wuse Zone 4, Abuja, told journalists on Monday.
The hunger protests, which began last Thursday, entered their fifth day on Monday.