The naira strengthened against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend.
This represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday, according to FMDQ data.
This follows as the Senate Committee on Finance urged for concerted efforts by all relevant stakeholders to rescue and sustain its stability.
The Senate has called for a robust effort to address the instability and constant depreciation of the Naira.
Punch reports that Currency traders at the popular Wuse Zone 4 market, blamed trading uncertainty of the market as a reason for the fluctuations in the exchange rate.
They added that the government must either choose to increase the currency value or devalue it for market stability.
The operators cited the absence of trading activity and did not provide a selling rate for Sunday.
A trader, Malam Yahu Ibrahim, said operators were taking too much risk trading the naira due to the volatility of the FX market.
He said, “We take risks against ourselves every day because I don’t know how they are doing it, the naira is just swinging. “If the government wants to bring down the dollar totally, they should do it or if they want the naira to fall, they should do it and not allow it to fluctuate. It is killing businesses.”
“We are not even seeing the effect of the CBN dollar sale to BDCs, we are not seeing any effect.”
