Breaking News: Naira Shows Strength Against the Dollar, Increases by N80

In a positive turn of events, the naira has strengthened against the US dollar in the parallel market after a period of decline.

Sharing insights, Mistila Dayyabu, a Bureau De Change operator, mentioned in an interview with NewsNow that the naira’s value rose to N1,300 per dollar, up from N1380 on the previous day.

Dayyabu emphasized, “Our buying rate was N1,290, while selling rate stood at N1300 by Saturday evening, primarily driven by increased demand.”

This surge reflects an impressive N80 appreciation against the dollar within just a day.

On the other hand, data from FMDQ revealed that at the close of trading on Friday, the naira was trading at N1339.23 to a dollar in the official market.

Despite the consistent losses witnessed over the past week, the Central Bank of Nigeria’s efforts to support the currency included the release of an additional $10,000 to eligible Bureau De Change Operators at a rate of N1,021 per dollar.

ABCON, the Association of BDC, has announced plans to streamline a unified retail segment in the foreign currency market to ensure the stability of the naira against the dollar.

Recently, the Economic and Financial Crimes Commission (EFCC) made arrests involving 34 suspected currency speculators on charges of foreign exchange fraud.