Naira Recovers Against the Dollar in the Parallel Market...See Current Value
The naira has resumed its recovery against the dollar in the black market after suffering a setback. There are strong indications that the efforts of the Central Bank of Nigeria (CBN) to stabilise the naira may have started yielding the expected results according to the Leadership. A CBN official last week noted that the deployment of a number measures by the bank may have turned the tide in the foreign exchange (FOREX) market and led to the severe punishment suffered by currency hoarders and speculators. The CBN had earlier insisted that speculators were behind the market bubble since the upper week which dealt negatively on the naira, sending it down to an all-time low of almost N400 to the dollar. The CBN governor, Godwin Emefiele, had accused speculators who connived with bureau de change operators to undermine the efforts of the bank of propping up the naira and warned that such speculators would eventually be punished by the market. Last week, it be...

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