Just In: Naira Strengthens To N950/$1

The naira kept on with its rebound against the dollar on Friday, strengthening to N950/$ on the average in the parallel market.

This represents a N170 gain or a 15.18 percent appreciation of the local currency compared to the amount it traded for on Thursday. This is also the second day of recovery for the naira after a move by the Central Bank of Nigeria to clear some of its FX backlog on Thursday.

According to some Bureaux De Change operators, the naira is still gaining as the market continues to react positively to the CBN’s move.

A trader said, “The dollar is N950 today if you want to buy it.”

Kadri, another trader, sais that he currently buys at N900/$ but sells at N950. According to him, “Dollar is coming down. It is N900 if you want to sell. But is N950 if you want to buy.”

The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, confirmed on Thursday that the CBN’s move to clear some of its backlog has been responsible for the firming of the naira.