Naira on the rise again

There are strong indications that the Nigerian currency may have gained more strength against the dollar on the parallel market again. As at this morning on the ‘black’ foreign exchange market, the dollar was sold for between N320 and N315, but this afternoon, some impeccable sources at the Bureau De Change (BDC) revealed that the Nigerian currency is fast growing against the American dollar.

The source who pleaded anonymity stated that as at 1.05pm, the naira stood at N310 against the American currency on the black market. He noted that despite the fact that the Nigerian currency had been unstable against the dollar in recent days, it seems to be garnering more strength amid unchanged oil prices on the global market.

Another BDC operator informed that it now sells for N310 at his end, a situation which he claims “may still improve before the end of the day.” This rise and fall of naira against the dollar in recent weeks has also led to inflation of goods and wares in the market, with every Nigerian particularly groaning under its hardship. This may have also totally shut speculators up after initial suggestions that the naira (up to N400/dollar about two weeks ago) will soon be exchanged for about N450-N500 on the black market following the trend in the economic situation of the country.

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