Naira gains at black market; trades at N665 per dollar
The Nigerian currency gained against the U.S. dollar at the black market on Tuesday, trading at N665 to a dollar on exchange platform Aboki Forex.
Checks by Peoples Gazette on Tuesday revealed that the naira gained value at the parallel market, rising to N665 per dollar from N710 last week.
According to data from the FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, the naira gained 0.03 per cent to close at N428.88 to the dollar on Monday.
The development represents an N45 gain over the N710 it traded on the parallel market last Wednesday.
The currency’s rise comes just days after the Economic and Financial Crimes Commission (EFCC) besieged Abuja’s Wuse Zone 4 axis, the city’s bureau de change trading hub, in an attempt to stabilise the country’s tumbling currency.
The raid was prompted after the anti-graft agency received intelligence that some individuals were buying American dollars in large quantities, a move projected to create scarcity of the green and further sink the naira.
The Gazette had last week Wednesday reported that the naira crashed in the parallel market, trading for N710 against the U.S. dollar.
The development sparked panic in the country’s financial sector, prompting the Nigerian Senate to summon Central Bank Governor Godwin Emefiele to a closed session to brief the legislature on the reasons for the naira’s rapid depreciation.
Mr Emefiele has spent years blaming BDC operators and purported speculators for the downward trend of the national currency.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Showbiz
Spider-Man: Brand New Day’ rakes $2 billion at global box office
Marvel and Sony’s “Spider-Man: Brand New Day” has grossed $2 billion at the global box office after only three weeks in theatres
World
UK politicians, celebrities seek probe of ex-Cambridge’s youngest Black professor’s death
Principal of Cambridge’s Homerton College, Lord Woolley, said Mr Arday was placed under a “vicious witch hunt.”Pix: Another picture of Jason Arday.
States
Police urges calm as show of force begins ahead of electioneering in Nasarawa
Mr Mohammed said the exercise was not targeted at any individual, group, political party or organisation.
Pix: Armed policemen in Nasarawa State.
States
CP orders arrest, prosecution of FCT drivers violating traffic laws
Ms Adeh said the CP warned the officers against using the exercise as an avenue for extortion, harassment, intimidation or unlawful use of force.
States
Five died, 10 rescued in Kano collapsed buildings collapse: Official
The service’s Director, Sani Anas, made the disclosure in a statement by its Public Relations Officer, Saminu Abdullahi, on Sunday in Kano.
Abuja
FRSC nabs lorry driver for hiding 15 persons, eight bikes among goods
Mr Ohaeri said FRSC officials intercepted the vehicle, marked GDD 815 ZP, after professional suspicion prompted a closer inspection of its sealed trampoline.
