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Nigeria Currency Naira Appreciates Against Dollar by 50%

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Nigeria Currency Naira Appreciates Against Dollar by 50%

Nigeria currency

Nigeria currency which has been free fall against the dollar over the past few weeks now, has appreciates by 50% from N395 per $1 as of close of working hours on Tuesday, February 23, 2016 to N250 per $1 as of early hours of Thursday, February 25, 2016.

According to report by The Leadership, reported that street hawker and Bureau de Change (BDC) operators in the nation capital Abuja sold greenback (Dollar) between N250 and N255.

The correspondent of Leadership had a chat with Ibrahim an operator stated that due to the continuous Naira instability, he was scared to buy dollars so as not to lose further.

Earlier this morning, I bought dollars for N305, but now it is sold at N250, making me to lose N55 in less than 10 hours. I am very scared of buying dollars because of the continued instability.

Although I am happy that the naira continued to gain strength at the parallel market as an overflow of dollars chased the local currency but we are losing greatly here.

However, the Naira is most likely to appreciate further, due to the fact that most dealers are rushing to sell dollars off so as not to be in loss.

 

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