Nigeria’s legal tender, The Naira, is now trading at N890 to one dollar at the parallel foreign exchange market, according to findings.
Having traded around N950 last week, the figure appreciated a huge 6.3 percent in the current week.
It was gathered that the Naira has continued to make significant gains against the US dollar on the street in the past few days.
A currency trader disclosed that he is now buying one dollar at N870 and sells at N890, making a profit of N890.
He told The Cable:
“Dollar has been dropping. Yesterday, I sold it for N930. No matter how the dollar goes up, it always comes back down. That’s how it is.”
Meanwhile, currency traders in the Agbara area of Ogun state said they are currently buying the local currency at N850/$ and selling it for N860 per dollar.
At the investors and exporters (I&E) forex window, the local currency depreciated by 4.08 percent to close at N774.77/$ on Tuesday , according to details on FMDQ OTC Securities Exchange — a platform where FX is officially traded.
An exchange rate of N799.9 to the dollar was the highest rate recorded within the day’s trading before it settled at N774.77.
VIDEO: CBN Moves To Stabilise Naira
The Central Bank of Nigeria has said it is set to take new measures to stabilize the naira against the dollar.
Acting Governor of the CBN, Folasodun Sonubi disclosed this to State House Correspondents after briefing President Bola Tinubu on… pic.twitter.com/OVbWta36L3
— Punch Newspapers (@MobilePunch) August 14, 2023
The data also showed that forex worth $95.79 million was transacted among market dealers.
On Monday, the Central Bank of Nigeria (CBN) said it would take new measures to stabilise the naira against the dollar.