A ray of hope as “Naira bounces back against the dollar”


The Naira appreciated by N20 on Monday, exchanging for N370 to the dollar at the parallel market.

It was reported that the Naira sold at N390 to one dollar on February 19.
However, it closed at N199.50 to the dollar as the official bank rate.
A trader, who preferred anonymity, said that the market was hopeful that the Naira would appreciate more by next week.
He said the Association of Bureau De Change Operators of Nigeria would meet on Tuesday in Lagos to strategise on how the currency would bounce back.
The trader predicted that the Naira could appreciate against the dollar to between N200 and N250 next week.
President Muhammadu Buhari had on February 20 insisted that the government would not devalue the Naira in spite of wide gap between the official and parallel markets.

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