Currency speculators lose big as Naira rebounds

Black market currency speculators has reason to count their losses as Naira appreciated against the US dollar exchanging N506/$ Wednesday at the parallel market.

Some of the traders had bought dollars in anticipation that the Central Bank of Nigeria discontinuous sale of dollars to BDCs will push up the price.

However, on Wednesday, Naira appreciation extended to a five-day streak, a movement that began last week.

According to data from Abokifx, traders sold the Dollar to customers on Wednesday at N508/$1 but in the afternoon, it was exchanged at N506/$1, the price it also traded in the evening.

Also, Nigerian currency gained N3 against the Euro, closing at N595/€1 as opposed to N598/€1 while it closed flat against the Pound Sterling at N705/£1 same rate it exchanged the previous day.

At the Investors and Exporters (I&E) the official segment of the Forex Market, data from FMDQ securities showed that the value of the local currency compared with the US Dollar remained unchanged at N411.50/$1 despite a rise in the turnover by $11.75 million or 10.2 per cent to $126.92 million from the previous day’s $115.17 million.

What this means is that as at the end of trading on Wednesday, the official and unofficial dollar exchange rate fell to N94.5.


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