On Thursday, the naira rose sharply in both official and illegal markets following President Bola Tinubu’s N70,000 hike in the national minimum wage.
According to a Bureau De Change operator in Abuja’s Wuse Zone 4, the naira appreciated sharply on Thursday evening to N1,565 per dollar, up from N1,615 per dollar on Wednesday.
“As of Thursday evening, the dollar is sold for N1565 against N1615 on Wednesday,” added the economist.
Similarly, in the official FX market, the Naira rose to N1566.92 per dollar on Thursday.
According to FMDQ data, the naira appreciated to N1566.92 against the dollar on Thursday, up from N1581.65.
This reflects a N50 and N14.73 gain against the dollar on the black market and official foreign currency markets, respectively, versus N1,615 and N1,566.92 transacted on Wednesday.
The development came hours after President Tinubu raised Nigerian workers’ minimum pay to N70,000 from N30,000.
