Currency traders lose millions as Naira to dollar exchange market gradually recovers
Some Nigerians who decided to buy dollars with the hope of making big gains have indeed been left to count their losses in the last three days.
With many analysts predicting it could even get worse, the naira had opened the new week trading at N680 – N710 to the US dollar.
The Nigerian naira has, however, significantly strengthened since the Economic and Financial Crimes Commission (EFCC) decided to conduct raids at several Bureau De Change (BDC) hubs in Abuja, Lagos, and Kano.
On Friday the black market exchanged Naira for dollars at N640, a gain of N70 over the previous three days.
Given that the demand for foreign currency for goods and services has remained constant, it is unclear whether the recovery will last.
In a similar vein, data from FMDQ securities revealed that on Friday the official market, the Nigerian Naira strengthened to settle at N428.12 to the US dollar.
Less pressure from investors and exporters on the foreign exchange market has aided the Naira’s strong performance.
According to data, $110.22 million worth of foreign currency was transacted on Thursday.
Similar to this, on Saturday morning in the peer-to-peer market, the naira increased to N616.66/$1 from N652.5/$1 recorded on Friday representing a gain of 5.5 percent from the day before.
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