The value of the dollar to the naira on Friday, declined in the parallel market, marking the first time in over a month that the local currency has exhibited strength by trading below N1000.
From the previous rate of N1,150 in the parallel market just a day earlier, the dollar’s exchange rate dropped to N950 on Friday evening, with further reports indicating that it fell below this mark in the morning, marking a gain of over N200 for the naira.
At the Murtala Muhammed International Airport (MMIA), Lagos, the dollar was trading between N750 and N800 in the morning, before eventually appreciating to N950 in the evening, as reported by Daily Trust.
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“We sell at N950 as I am talking to you. I don’t know what will happen tomorrow. Yesterday was N1,150 but today it has crashed to N950 here, a bureau de change (BDC) operator in Lagos, Mr. Abu Dollar told Daily Trust.
“Tomorrow I will tell you the market situation. Just call me.”
Another BDC operator at the MMIA simply identified as Mall. Ubaida said, “Dollar this evening we buy it for N900. But in the morning, we bought it for N800. It is coming down because of what the CBN did.”
He, however, advised that the CBN should supply dollars directly to the BDC operators, saying this would further strengthen the value of naira.