Naira continues recovery, strengthens to N950

Naira continues recovery, strengthens to N950

The naira continued its rebound against the dollar on Friday, strengthening to N950/$ on the average in the parallel market.

This represents a N170 gain or a 15.18 per cent appreciation of the local currency compared to the N1,120 it traded for on Thursday. This is also the second day of recovery for the naira following a move by the Central Bank of Nigeria to clear some of its FX backlog on Thursday.

According to Bureaux De Change operators, who spoke to The PUNCH, the naira is still gaining as the market continues to react positively to the CBN’s move.

A trader who only gave his name as Awolu said, “The dollar is N950 today if you want to buy it.”

Kadri, another trader, stated that he currently buys at N900/$ but sells at N950. He declared, “Dollar is coming down. It is N900 if you want to sell. But is N950 if you want to buy.”

Taura, another currency trader, stated that the naira was N1,015/$ in his area. He told The PUNCH, “If you want to sell, it is N980. But if you want to buy it is N1,015.”

READ ALSO:

• Presidential yacht already delivered yet to be paid for – Ndume

• Reps Seat: Appeal Court sacks Cornelius Nnaji, upholds election of LP’s Nnamchi

• BREAKING: Joe Ajaero : NLC, TUC announce nationwide strike

Muhammad, added, “The naira is falling drastically. It is still failing. It is N970 now. The difference between buying and selling is N10.”