Wednesday, December 7, 2022

Naira gains at parallel market, exchanges 800 per dollar

The local currency had last weekend plunged to a historic low of N890 per dollar.

• November 8, 2022
Dollar and Naira
Dollar and Naira

The naira has recovered some of its losses as it strengthened against the United States greenback, trading at N800 per dollar on Tuesday afternoon.

Checks by Peoples Gazette with black market platform Aboki Forex indicated that the naira, which last weekend plunged to as low as N890 per dollar at the parallel market, gained against the dollar to recover from the downward spiral recorded last week.

Last week Wednesday, The Gazette had first reported that the naira deteriorated further to N855 per dollar. The value of the naira in relation to the dollar continued to decrease despite efforts by the Central Bank of Nigeria to redesign the naira, hike interest rates, clamp down on bureau de change operators, and enact FX repatriation rules.

Following the freefall, analysts predicted that the naira could depreciate further to N1,000 per dollar in a matter of weeks despite the government’s frantic jackboot interventions.

However, BDC operators have linked the currency’s latest gain to the increased supply of dollars in the market.

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