Naira gains at parallel market, exchanges 800 per dollar
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.
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
The leaders promised the president to ensure the success of the Kolmani project.
The award is in recognition of the Nigerian president’s contributions to the political stability of Guinea Bissau.
The presidential candidate has continued to render conflicting narratives about the source of his stupendous wealth.
Gonçalo Ramos stole the show to score a hattrick in what was his first senior national team start for Portugal.
Several other bandits were said to have fled the onslaught with gunshot injuries.
Mr Abubakar said he’ll ensure that the National Assembly amend the constitution and give power to states, LGAs and traditional rulers.