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Naira Makes a Comeback: Appreciates by N80 Against US Dollar |
Dayyabu revealed that his bureau buys at N1,290 and sells at N1,300 due to demand concerns. This sudden appreciation represents a significant gain of N80 against the dollar, a welcome respite after days of depreciation.
In a surprising turn of events, the naira has strengthened against the US dollar in the parallel market, gaining N80 in a single day. According to Mistila Dayyabu, a Bureau De Change operator, the naira appreciated to N1,300 per dollar on Saturday evening, up from N1,380 on Friday morning.
Dayyabu revealed that his bureau buys at N1,290 and sells at N1,300 due to demand concerns. This sudden appreciation represents a significant gain of N80 against the dollar, a welcome respite after days of depreciation.
In contrast, the official market saw the naira trade at N1,339.23 per dollar at the close of Friday's trading, according to FMDQ data. Despite the Central Bank of Nigeria's intervention, releasing an additional $10,000 to legitimate Bureau De Change Operators at N1,021 to a dollar, the naira had been experiencing losses for over a week.
However, efforts are being made to stabilize the naira. The Association of BDC (ABCON) plans to harmonize a unified retail end of the foreign currency market, while the Economic and Financial Crimes Commission (EFCC) has arrested 34 suspected currency speculators for alleged foreign exchange fraud.
This sudden appreciation is a positive development, and it remains to be seen if the naira can maintain this momentum. We will continue to monitor the situation and provide updates as more information becomes available.
