After experiencing a decline for several days, the naira has made a comeback against the US dollar in the parallel market. According to Mistila Dayyabu, a Bureau De Change operator interviewed by DAILY POST, the naira strengthened to N1,300 per dollar from N1,380 on Friday morning. Dayyabu explained that due to increased demand, they purchased at N1,290 and sold at N1,300 on Saturday evening, marking an impressive N80 gain against the dollar within a single day.
Meanwhile, data from FMDQ at the close of Friday’s trading session in the official market indicated the naira trading at N1,339.23 per dollar. Despite the Central Bank of Nigeria’s efforts, which included releasing an additional $10,000 to eligible Bureau De Change Operators at N1,021 to a dollar, the naira had been facing losses for over a week.
In response, the Association of BDC (ABCON) disclosed plans to unify the retail end of the foreign currency market to help stabilize the naira against the dollar. Additionally, the Economic and Financial Crimes Commission (EFCC) recently apprehended 34 suspected currency speculators on allegations of foreign exchange fraud.
