Naira rebounds at black market, now trades at N665 per dollar.


After a disastrous outing last week plummeting to a rock bottom of 720 , the Nigerian currency has gained against the U.S. dollar at the black market on Tuesday, now trading at N665 to a dollar on exchange platform Aboki Forex.

Checks by our reporter on Tuesday showed that the naira gained value at the parallel market, rising to N665 per dollar from N710 last week.

According to data from the FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria, the naira gained 0.03 per cent to close at N428.88 to the dollar on Monday.

The development represents an N45 gain over the N710 it traded on the parallel market last Wednesday.

The currency’s rise is coming just days after the Economic and Financial Crimes Commission (EFCC) raided Abuja’s Wuse Zone 4 axis, the city’s bureau de change trading hub, in an attempt to stabilise the country’s tumbling currency.

The raid was from a tip off after the anti-graft agency received intelligence that some individuals were buying American dollars in large quantities, a move projected to create scarcity of the green and further sink the naira.

It would be recalled that last week it was reported that the naira crashed in the parallel market, trading for N710 against the U.S. dollar.

This development sparked panic in the country’s financial sector, prompting the Nigerian Senate to summon Central Bank Governor Godwin Emefiele to a closed session to brief the legislature on the reasons for the naira’s rapid depreciation.

Mr Emefiele has spent years blaming BDC operators and purported speculators for the downward trend of the national currency.

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