Speculators prediction that the three-day consecutive Naira rise against the Dollar may not be sustained by the Nigerian government may have come to pass as the Naira dropped to about 330-343.
Confirmed sources at the Bureau De Change (BDC) said that the Naira now sells for N343 on the parallel market in a drastic twist of fate that has befallen the currency. As at 5.20pm on Thursday, the BDC operator stated that, “right now, if you want to buy, we sell for N343 because it has kept fluctuating since the beginning of yesterday.”
Another credible source informed that the Dollar is now N33o in the black market as Nigerians remain unsure of the currency for foreign exchange.
Yesterday, there was a massive improvement in the conversion rate as the Naira appreciated seriously to between 250-290/ Dollar in the black market, a situation which seriously irked the BDC operators.
But the new development, coming barely 48 hours after the initial improvement on the parallel market is a welcome development by the operators.
Meanwhile, Vanguard reports have it that the Dollar may be at 355/Dollar in a rather disappointing twist to the ongoing slump in exchange rates.
In all, Nigerians are optimistic it will only get better for the Naira.