Despite the ongoing hunger protests nationwide, the naira recorded a significant gain against the dollar in the foreign exchange market.
FMDQ data showed that the currency appreciated to N1607.15 against the dollar on Monday, 5 August, 2024 from N1617.08 exchanged last Friday, 2 August, 2024.
This represents a N9.93 gain
Meanwhile, in the black market, the naira remained flat, maintaining the same N1610 per dollar rate it traded on Friday last week.
This comes as FX transaction turnover dropped to $77.09 million on Monday from $131.55 million at the end of trading 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 at Wuse Zone 4, Abuja, told an online medium on Monday, 5 August, 2024.
The hunger protests, which commenced last Thursday,1 August, 2024 entered day 5 on Monday, 5 August, 2024.
