Black Market Operators Get Their Fingers Burnt As Naira Rises To N400/$

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What Is The True Value Of The Naira?

Several black market operators have begun to get their fingers burnt as the Naira continues to stage a major recovery, rising to N400 against the Dollar at the parallel market on Wednesday in Abuja.

This is coming on the back of the Central Bank of Nigeria’s intervention in foreign exchange.

What Is The True Value Of The Naira?

The Naira has also appreciated against the Pound Sterling and Euro rate as it traded at N510 and N415 respectively.

NAN reports that one of the Bureau de Change operators, simply known as Tijanni Jos, said that the development had caused operators to lose a lot of money.

According to him, operators did not envisage a quick downfall of the dollar which has caused them to buy at an expensive rate hoping to make returns.

The Nigerian currency also traded at N307.5 at the interbank window.

In other segments of the market, Deposit Money Banks and Travelex, an International Money Transfer Services Operator, sold the Naira at N381 to a dollar.

Naira Loses Ground Against Dollar | CBN Set To Inject Fresh $350m Into Interbank Market

The Governor of CBN, Mr Godwin Emefiele, had on Tuesday, while briefing newsmen on the outcome of the Monetary Policy Committee (MPC) meeting in Abuja, said the apex bank was determined to see the convergence of rates at the foreign exchange market.

Emefiele said that the CBN was optimistic that the rate between the official and parallel market would converge further.

Datboyjerry

Datboyjerry

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