The Nigerian Naira has kicked back against the dollar as the value of dollar depreciated by 8.39 percent on the parallel market on Friday, a drop attributed to government policy changes.
The naira, which had hit a low of N1,310 per dollar, has now strengthened to N1,200 per dollar on the black market.
On P2P exchange platform like Binance, Dollar has dipped as low as between N1,160 to N1,150, against the N1,320 sold on Thursday.
GOOD EVENING NIGERIA reports that sudden rise in Naira value would mean significant loss to speculators in the Foreign Exchange market.
READ ALSO: Real Reason We Plan to Automates, Digitalises Forex Transactions – Finance Minister
The Nigerian government has initiated plans to digitize FX transactions, with the aim of discouraging speculative demands and the hoarding of cash in foreign exchange.
“I bought dollars at N1,285 and I am now selling at N1,200. Do you know how much I am losing? Everything is government. If the dollar is going up, it is the government, if it is coming down, it is the government, ” a black market operator at the Lagos airport told BusinessDay on Friday.
