It’s N250 to $1 as Nigerian currency rallies to surprise high

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The Nigerian currency has reportedly appreciated against the American Dollar for the third consecutive day after initial free fall in the black market.

Findings from Bureau De Change (BDC) operators at the Murtala Mohammed International Airport (MMIA) Ikeja and elsewhere in Lagos  showed that the exchange rate now stands at N250/Dollar on the parallel market.

The Nigerian currency had been on a sharp decline in weeks following drop in oil prices and speculators had predicted a further free fall of the Naira.

ALSO SEE: Naira appreciates by over N60 against dollar in 1 day

But insistence by President Muhammadu Buhari that he would not devalue the Naira in spite of growing pressure from all angles may have yielded a positive fruit as the currency is beginning to appreciate in the market.

Operators in the parallel market Wednesday confided that with the latest trend, the exchange rate is even going lower than the 265/Dollar that Nigerians had endured in recent years, and may yet usher in a more robust economy.

Sceptics however claim that the sudden recovery of the Naira to the US Dollar may have been as a result of direct injection of the scarce foreign currency, as against the fallout of exchange among market forces, which they insist cannot be sustained in the long run.

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