Naira rebound continues, now below N1,300/$1

Onwubuke Melvin
Onwubuke Melvin

The Nigerian naira has continued its rebound in the parallel market against the US dollar appreciating N1280/$1 according to some traders on Saturday.

This shows a gain of N120 when compared to the previous day of N1,400 to a dollar.

In some markets, traders said they still sold between N1300 and N1,320 to a dollar, stressing the volatility of the FX market makes it difficult to determine the price on Monday, according to nairametrics.

Less than two weeks after strengthening to below N1200 against the dollar, reports emerged that the naira had lost a third of its value in 2 days. It dipped to N1,450 against the US dollar at the parallel market on reports of fresh demand pressure.

In the meantime, Nigeria’s currency closed at N1,339.23/$1 in its Official Foreign Exchange Window and continued to weaken as compared with the greenback on Friday, according to FMDQ data.

Showing a 2.24 per cent decrease when compared to the N1.309.88/$1 as reported on Thursday.

Recall on Monday, the Central Bank of Nigeria announced the sale of $10,000 to licensed bureaux de change across the country at the rate of N1,021 per $1 as part of its efforts to improve the availability of foreign currency for qualified traders and stabilise the foreign exchange market.

These measures by the Central Bank have calmed foreign exchange shortages, helping Nigeria’s naira recover from a low of N1,617 per dollar on 1st March to 1,072 dollars on 17th April.

In addition, the Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, said during an internal meeting with journalists and bureau chiefs of some media organisations in Abuja, that the antigraft agency had discovered another platform worse than the crypto trading platform, Binance, within its system.




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