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The Naira yesterday recovered against the US dollar at the parallel market as it appreciated to N1280/$.
After days of depreciation, the naira bounced back against
the US dollar in the parallel market.
A Bureau De Change operator, Mistila Dayyabu, said on
Saturday that the naira appreciated to N1,300 per dollar from N1380 on Friday
morning.
“We buy at N1,290 and sell at N1300 on Saturday evening due
to demand concerns,” he said.
This represents a N80 gain against the dollar in a single
day.
Meanwhile, at the close of Friday trading at the official
market, FMDQ data showed that the naira traded at N1339.23 per dollar.
The naira has recorded losses for over a week despite the
Central Bank of Nigeria’s intervention by releasing an additional $10,000 to
legible Bureau De Change Operators at N1,021 to a dollar.
The Association of BDC, ABCON, recently revealed that it
plans to harmonise a unified retail end of the foreign currency market to
stabilise the naira against the dollar.
The Economic and Financial Crimes Commission, EFCC, recently
arrested 34 suspected currency speculators for alleged foreign exchange fraud.
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