Another day loss for black market speculators as naira gains

August 5, 2021
Naira and Dollar 1

Black market speculators were again forced to count their losses as Naira appreciated against the U.S dollar to N506/$ Wednesday at the parallel market.

Some of the traders had bought dollars in anticipation that the Central Bank of Nigeria’s decision to stop selling dollars to BDCs, would increase pressure in the market.

However, on Wednesday, Naira appreciation extended to a five-day streak, a movement that began last week.

According to data from Abokifx, traders sold the Dollar to customers on Wednesday at N508/$1 but in the afternoon, it was exchanged at N506/$1, the price it also traded in the evening.

Naira and Dollar 1

Also, Nigerian currency gained N3 against the Euro, closing at N595/€1 as opposed to N598/€1 while it closed flat against the Pound Sterling at N705/£1 same rate it exchanged the previous day.

At the Investors and Exporters (I&E) the official segment of the Forex Market, data from FMDQ securities showed that the value of the local currency compared with the US Dollar remained unchanged at N411.50/$1 despite a rise in the turnover by $11.75 million or 10.2 per cent to $126.92 million from the previous day’s $115.17 million.

What this means is that as at the end of trading on Wednesday the official and unofficial dollar exchange rate fell to N94.5

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