Naira which has been on a free fall for some weeks now has impressively appreciated against dollar by 50% from N395/1$ as of close o...
Naira which has been on a free fall for some weeks now has impressively appreciated against dollar by 50% from N395/1$ as of close of work on Tuesday, February 23, 2016 to N250/1$ as of early hours of Thursday, February 25, 2016.
According to The Leadership, street hawkers and Bureau de Change (BDC) operators in Abuja sold greenback (Dollar) between N250 and N255.
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.”
Because the Naira is most likely to appreciate further, most dealers are rushing to sell dollars off so as not to be in loss.
