Naira gains massively against dollar
This is the first time in over a month that the local currency would gain remarkable strength since it exchanged above N1000.
From N1,150 in the parallel market on Thursday, the dollar exchanged for N950 on Friday evening and below in the morning, gaining over N200.
Sources at the Murtala Muhammed International Airport (MMIA), Lagos confirmed to journalists that the dollar exchanged for N750-N800 in the morning before appreciating to N950 in the evening.
This happened in the midst of intervention from the Central Bank of Nigeria (CBN), which was said to have started clearing backlog of matured dollar obligations amounting to over $7bn.
The beneficiaries of the CBN remittances were banks and airlines, bolstering expectations among foreign airlines operating in Nigeria.
A bureau de change (BDC) operator in Lagos, Mr. Abu Dollar said, “We sell at N950 as I am talking to you. I don’t know what will happen tomorrow. Yesterday was N1,150 but today it has crashed to N950 here.
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Another BDC operator at the MMIA simply identified as Mall. Ubaida said, “Dollar this evening we buy it for N900.
But in the morning, we bought it for N800. It is coming down because of what the CBN did.”
