Naira strengthens against dollar at parallel market

Photo: vanguardngr.com

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)


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  • Sanusi Yaro

    APC VOODOO ECONOMICS!

    The Naira has been accelerating dangerously down south since May29th, but all we saw was sealed lips from premium times.
    Now PT Will have us sing Hosanna in the Highest because the naira has ‘Appreciated’ by N10 to still a whooping $1 to N270!

    That’s what happens when body language and chanting Anti-kwarofshun replaces sound economic policies..

    • Otile

      My friend don’t say Sanusi Yero, his name is Sanusi Lamido Sanusi. Yero is the husband of the woman Sanusi slept with.

  • Otile

    Wallahi. Cheating coupled with oppression is wicked. My oil money is in the wrong hands. Aboki men who sell $$$ at the black market have made a fortune in one corrupt Najeriya. Imam can always provide his aboki relatives the Naira at 197/$ and they turn around and sell it to us at 270/$. This is usury, profiteering and obscene profits. Imagine a lazy aboki man who did not go to school, does not plant any seed, and does nothing to uplift mankind is handed billions of Naira from his tribesman to make huge profits. All he can say is Sia Baba, ha go de. Our Oduduwa brothers scheming to get their own cuts can always defend their Fulani masters and stab anyone who utters uncomplimentary words about Imam their god and provider. Lord save us from the hands of our oppressors. Odua people say Amen with me.

    • Rajab Tanimu

      It seems to me that this guy right above here is going way CRAZIER than ever. Gush, gotta go to rehab for some medicine Schmaltz. And besides, I don’t see the Northerners you blindly say are “Illeterates” proves right no more. Moreover, all that you guys boast of is that you go to school, that you can read and write, turns out to be a mere illusion. What you guys got? Can speak but can write it down to pass tha test, this is nothin’ but mere stupidity to speak what you don’t even understand on a paper. And if you debunk that let us put it to test by any means Muthafucka!