The foreign exchange (FX) market opened on Monday with the naira/dollar exchange rate quoting at N1,020/$ as rally pauses on the parallel market, also known as the black market, following uncertainty around the government’s FX policies.
At the weekend, the naira strengthened to 970 per dollar on the black market, following some positive sentiments around government plans to shore up dollar liquidity in the foreign exchange market.
Read also: Naira rally below 1,000/$ lures investors
Traders could not determine the actual rate as the rates keep fluctuating. “In the morning I bought dollars at N980 but now it is N1,000 (buying) and N1,020, selling rate. So I cannot say exactly what the rate is now,” a street trader at Apapa said.
At CMS, the dollar was trading for between N1,000 and N1,020. Some traders were ready to buy at the rate of N1,000 from individuals.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
