It is still a wonder to many in Nigeria and others around the world, how the value of the naira fell so flat. Indeed, the fall of the exchange rate of naira in the black market is at an abnormal high.
Although, the official market stood its ground for a while, it also had to give way.
There are what you might call indications that there is yet hope for the naira.
Have You Read: Naira Exchanging At ₦1260 In The Black Market
Nigeria’s local currency, the naira, on Tuesday appreciated against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
NAFEM is also known as the official market for foreign exchange in Nigeria.
Naira rose by 4.90% to close at ₦844.85 to a dollar on Monday — from ₦888.35 recorded the close of trading on Monday.
Data obtained from FMDQ Securities Exchange platform, show that the naira to dollar exchange rate was quoted as high as ₦1,189.12 per dollar and as low as ₦720 during the intra-day trading.
At the parallel section of the market, the naira dropped to ₦1,225 losing ₦30, from the ₦1,195 it traded two weeks ago.
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Bureau De Change (BDC) operators, sold a dollar at the rate of ₦1225 and bought it for ₦1,205, leaving BDC operators with a profit margin of ₦20.
According to a BDC operator, “the end of the year period is usually known for higher dollar demand.”
