Nigeria’s unofficial foreign exchange market reacted positively on the inauguration day of Bola Ahmed Tinubu as Nigeria’s 16th President.
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.
The naira has been trading low against the dollar over low foreign exchange earnings.
But Tinubu said in his first inaugural speech that he will unify the exchange rate.
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…
Source: Leadership Newspaper
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