The Nigerian currency, naira appreciated slightly yesterday upon the assumption of Nigeria’s newly sworn-in president Bola Tinubu.
The black market opened on Monday at N763 against the US dollar but dropped by N9 at the close of trade.
Prices at Zone 4, a popular Bureau de Change hub in Abuja closed between N755 and N754 against the dollar.
Recall that Tinubu said he will unify the exchange rate to help the naira gain value.
The secondary market intervention sales retail window, the small and medium-size enterprises (SME) window, and the window for invisibles.
The black market for the BDC dealers is another unofficial window with a huge margin.
He said, “Monetary policy needs thorough house cleaning. The Central Bank must work towards a unified exchange rate.
“This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.
“We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.”
