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Naira strengthens against dollar in black market

Amid the myriad of economic headaches
Nigeria is going through, the nation’s
currency, naira has strengthened against the
American dollar in the black market.
According to our Bureau De Change source
in Katsina, the naira has gained strength and
trades at N345/$1 today, June 2, as against
the N347/$1 rate on Wednesday, June 1.
Our Katsina based BDC source said: “The
naira is selling for 345 to a dollar in the black
market. This is welcomed development
knowing fully well that just yesterday it traded
at N347/$1.
“Although, I can’t tell if the naira will continue
to stay strong because the rate has been very
inconsistent in recent times.”
The Nigerian currency had started last week
on a convincing note at N340/$1.
It strengthened further against the
greenback on Tuesday, May 24, before
crashing on Wednesday, May 25 to N342/$1
and N345/$1 subsequently on Thursday,
Friday. It started the new week at N347/$1
and has remained the same.
Meanwhile, the CBN is ready to roll out
details of the new flexible exchange rate
policy, which is a monetary system that
allows the exchange rate to be determined
by supply and demand; the nation’s currency
naira is still pegged at the official exchange
rate regime of N197/dollar, despite the
currency switching to N285 to a dollar at the
interbank market.
However, the implication of the flexible
exchange rate policy is that with a high
demand for the dollar in Nigeria, there is
every likelihood that the naira will
experience a further decline in the coming
months. SRC: Naij news

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