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Friday 5 August 2022

Currency traders lose millions as Naira gradually recovers

Currency traders lose millions as Naira gradually recovers

Some Nigerians who decided to buy dollars with the hope of making big gains have been left to count their losses in the last three days.

Naira had opened the new week trading at N680- N710 to a dollar, with many experts predicting it could even get worst.

However, since the decision by the Economic and Financial Crimes Commission (EFCC) to raid several Bureau De Change (BDC) hubs in Abuja, Lagos and Kano, the naira has made a big recovery.

On Thursday, at the black market, Naira exchanged at N640 per dollar, a N70 gain in three days.

The sustenance of the recovery remains to be seen, given that the demand for foreign exchange for goods and services has remained constant.

Similarly, at the official market, Data from FMDQ securities, showed that the Nigerian currency strengthened on Thursday to settle at N428.12 to a dollar.

The good performance of the Naira is helped by less pressure from investors and exporters in the foreign exchange market.

Data showed a total of $110.22 million in FX value exchanged hands on Thursday.

Similarly, in the peer-to-peer market, the naira rose to N616.66/$1 on Thursday morning from N652.5/$1 recorded on Wednesday, representing a rally of 5.5% compared to the previous day.

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