The naira may not be winning the war against the dollar, but it can at times win the battle.
So, while there may not be much to celebrate about the exchange rate because many Nigerians have lost a lot to the high exchange rate, the naira recovered by ₦46.73 against the dollar on Tuesday.
After several days of volatility, the naira rebounded at the official I&E Window on Tuesday, closing at ₦878.61/$1 against the ₦925.34/$1 it closed on Monday.
The latest indicates a major improvement in the value of the local currency which had earlier closed at over ₦1000/dollar at the official window over a week ago.
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The local currency has been facing pressure in recent days amid lingering foreign exchange shortages.
Alleged Hoarding Of Dollar
Some analysts and stakeholders have linked the latest pressure on the local currency to the alleged hoarding of the greenback by some bank customers.
At the parallel market on Tuesday, the local currency remained almost at the place it closed on Monday ₦1,365/dollar.
The development represents a slight halt in the steady fall of the local currency on the black market.
It had recently slid from ₦1,200/dollar to over ₦1,300/dollar about a week ago.
Suraju Sani, a Bureau De Change operator, said the dollar sold at ₦1,350 to the naira in the capital city.
He said: “Dollar is now ₦1,350. That’s the highest I can buy, and I can’t go beyond that amount. I sell between ₦1,360 and ₦1,365”.
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However, data from the FMDQ Securities Exchange shows that the naira recovered by ₦46.73 against the United States dollar.
The naira recovered from ₦925.34/$1 that it closed on Monday, January 23, 2024, to appreciate to ₦878.61/$1, on Tuesday, January 23rd, 2024.
