Naira Opens at ₦1,359/$ as Black Market Rates Climb to ₦1,485
The Naira opened the week at about ₦1,358.84 per dollar in the official FX window. It briefly slipped to ₦1,362.08 before stabilizing near its opening mark. In the parallel market, traders in Lagos, Kano and Abuja reported rates between ₦1,460 and ₦1,485. The gap reflects strong demand and ongoing liquidity measures by the Central Bank. Analysts expect the spread to narrow as new fiscal policies and economic reports emerge. Global factors like rising oil prices and tensions in the Strait of Hormuz keep market sentiment cautious. Exchange rate movements directly affect import costs and budgets for households and businesses. Experts predict the Naira will remain within this range for the rest of the session.
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