Naira strengthens against dollar at parallel market

The naira on Friday strengthened against the dollar after weeks of free-fall at the parallel market.

The currency gained N10 to exchange at N270 to the dollar after it nosedived to N280 on Thursday.

At the official interbank window, it gained N0.03 to close at N196.97 to the dollar.

Traders at the market 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, Evans Osabouhien of the Department of Economics and Development Studies, Covenant University, Ota, Ogun, has said that during the Yuletide, Nigerians living abroad would be coming home with a lot of foreign currencies.

Mr. Osabouhien said this would help reduce the pressure on the foreign exchange market and strengthen the naira.

(NAN)

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.