After experiencing a period of depreciation, the Nigerian naira has made a significant recovery against the US dollar in the parallel market.
According to Mistila Dayyabu, a Bureau De Change operator, in an interview with Ejes Gist News on Saturday, the naira appreciated to N1,300 per dollar from N1,400 on Friday morning.
Dayyabu stated, “We buy at N1,290 and sell at N1,300 on Saturday evening due to demand concerns.”
Black market Dollar to Naira exchange rate today April 29, 2024: GBP, EUR to Naira
This marks an impressive N1000 gain against the dollar in just one day.
Meanwhile, data from FMDQ revealed that at the close of Friday trading in the official market, the naira was valued at N1,339.23 per dollar.
Despite interventions by the Central Bank of Nigeria, which released an additional $10,000 to eligible Bureau De Change Operators at N1,021 to a dollar, the naira had been experiencing losses for over a week.
The Association of BDC (ABCON) recently disclosed plans to establish a unified retail end of the foreign currency market to help stabilize the naira against the dollar.
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In a related development, the Economic and Financial Crimes Commission (EFCC) recently apprehended 34 suspected currency speculators for alleged involvement in foreign exchange fraud.
