The naira on Friday strengthened
against the dollar after weeks of
free fall at the parallel market.
The currency gained N10 to
exchange at N270 to the dollar
after it nosedived to N280 on
Thursday.
At the official interbank window,
it gained N0.03 to close at
N196.97 to the dollar.
Traders at the market told the
News Agency of Nigeria (NAN)
that currency speculators were
afraid that the naira could sell
below their expectations and this
forced them to release foreign
exchange for sale.
Meanwhile, Dr Evans Osabouhien
of the Department of Economics
and Development Studies,
Covenant University, Ota, Ogun,
has said that during the Yuletide,
Nigerians living abroad would be
coming home with a lot of
foreign currencies.
Osabouhien said that this would
help to reduce the pressure on
the foreign exchange market and
strengthen the naira. (NAN)
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