Naira gains n4 over dollar on black market

That's interesting!

So, it seems that the naira has appreciated against the US dollar on the black market, gaining N4 per dollar. This means that the exchange rate on the black market has improved, with the naira now trading at a slightly stronger rate.

For context, the black market is an informal market where individuals trade currencies outside of the official exchange rate set by the Central Bank of Nigeria (CBN). The black market rate is often influenced by supply and demand, as well as other factors such as economic conditions, political events, and global market trends.

A stronger naira on the black market could be a positive development for Nigerians who rely on the black market to exchange currency, as it means they can get more naira for their dollars. However, it's important to note that the black market rate is often subject to fluctuations and may not reflect the official exchange rate set by the CBN.

It's also worth noting that the official exchange rate set by the CBN is usually lower than the black market rate, which can make it more difficult for individuals to access foreign currency at the official rate.

Do you have any thoughts on what might be driving this appreciation in the naira on the black market?