Naira and dollar
Naira recovers, gains against dollar
Naira continues its rebound against the dollar at parallel market, now below N1,300/$
The naira has recovered against the US dollar at the parallel market, appreciating to N1280/$1 at the weekend.
This represents an N120 or 8.57% gain when compared to N1,400 to a dollar that it traded the previous day.
According to some currency traders, they sold for between N1,300 and N1,320 to the dollar.
They noted that they may not be able to guarantee what the rate will be on Monday due to the volatile nature of the market.
Two days ago, the local currency was reported to have lost a third of its value barely 2 weeks after strengthening to below N1000 against the US dollar. It dropped to N1,450 against the US dollar at the black market on reports of fresh demand pressure.
Currency traders have attributed the recent depreciation of the naira to market forces as supply has been unable to meet up with the demand.
About The Author
