The Naira strengthened against the dollar today after weeks of free fall on the parallel market.
The currency gained N10 to exchange at N270 to the dollar after it nosedived to N280 on Thursday.
The Naira in the Market
N280 – N10 = N270 (Unofficial Market)
N280 (Official Market)
196.97 (Official InterBank Exchange Rate)
At the official interbank window, it gained N0.03 to close at N196.97 to the dollar.
Market traders told the News Agency of Nigeria (NAN) that currency speculators were afraid that the naira could sell below their expectations and this forced them to release foreign exchange for sale.
Meanwhile, Dr Evans Osabouhien of the Department of Economics and Development Studies, Covenant University, Ota, Ogun, has said that during the Yuletide, Nigerians living abroad will be returning home with a lot of different currencies.
Osabouhien said that this would help to reduce the pressure on the foreign exchange market and strengthen the naira.
Well, Let’s hope this goes well after all.
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