Naira gains against dollar, exchanges at N950

The naira, on Friday, November 3, 2023, continued its rebound against the dollar as it exchanged at N950 in the parallel market.

This represents a N170 gain or a 15.18 per cent appreciation of the local currency compared to the N1,120 it traded for on Thursday, November 2.

The latest development is also the second day of recovery for the naira following a move by the Central Bank of Nigeria (CBN) to clear some of its FX backlog on Thursday.

Some Bureaux De Change operators disclosed that the naira is still gaining as the market continues to react positively to the CBN’s move.

“The dollar is N950 today if you want to buy it,” a trader who only gave his name as Awolu told Punch.

Aanother trader, Kadri, stated that he currently buys at N900/$ but sells at N950.

He added: “Dollar is coming down. It is N900 if you want to sell. But is N950 if you want to buy.”

Another currency trader, identified as Taura, said the naira was N1,015/$ in his area.

“If you want to sell, it is N980. But if you want to buy it is N1,015,” the trader stated.

The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, on Thursday, said the CBN’s move to clear some of its backlog has been responsible for the firming of the naira.

“This is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications,” Gwadabe said.

The Star

Segun Ojo