June 15, 2024

Forex: Naira appreciates against dollar, gains N80

After days of depreciation, the naira bounced back against the US dollar in the parallel market.

A Bureau De Change operator, Mistila Dayyabu, said in an interview with DAILY POST 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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