NAIRA GAINS MASSIVELY AT PARALLEL MARKET, EXCHANGES N950/$

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NAIRA GAINS MASSIVELY AT PARALLEL MARKET, EXCHANGES AT N950/$

The naira has continued its rebound against the dollar on Friday, strengthening to N950/$ on the average in the parallel market.

This represents a N170 gain or a 15.18 per cent appreciation of the local currency compared to the N1,120 it traded for on Thursday. This is also the second day of recovery for the naira following a move by the Central Bank of Nigeria to clear some of its FX backlog on Thursday.

According to Bureaux De Change operators, who spoke to The PUNCH, the naira is still gaining as the market continues to react positively to the CBN’s move.

A trader who only gave his name as Awolu said, “The dollar is N950 today if you want to buy it.”

Kadri, another trader, stated that he currently buys at N900/$ but sells at N950. He declared, “Dollar is coming down. It is N900 if you want to sell. But is N950 if you want to buy.”

Taura, another currency trader, stated that the naira was N1,015/$ in his area. He said, “If you want to sell, it is N980. But if you want to buy it is N1,015.”

Muhammad, added, “The naira is falling drastically. It is still failing. It is N970 now. The difference between buying and selling is N10.”

The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, affirmed to The PUNCH on Thursday that the CBN’s move to clear some of its backlog has been responsible for the firming of the naira.

He said, “Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”

On Thursday, The PUNCH reported that the apex bank of the country had commenced the payment of outstanding matured FX forwards owed to various creditors.Unconfirmed sources noted that three banks, namely Citi Bank, Stanbic IBTC, and Standard Chartered Bank, received full payment of debts owed from the CBN.

About Dons Eze

DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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