Yesterday, the Naira sold for N320 per dollar on the parallel market, but today, the currency is selling at N328.
The Naira still remains quite volatile on the parallel market despite moves by the Central Bank of Nigeria (CBN) to stem the tide of speculative trading.
Yesterday, the Naira sold for N320 per dollar on the parallel market, but today, the currency is selling at N328. For buyers, the Naira cost N310 per dollar yesterday, and today it costs N315 per dollar, which means it is still hovering around the same markers.
For other major currencies, the Naira is selling for N430 per British Pound on the parallel market today, and costs N415 per British Pound. For people dealing with Euro, the Naira is currently selling for N335 per Euro, and costs N330 per Euro.
The President of the Bureau De Change operators association, Alhaji Aminu Gwadabe, said today that illegal BDC operators were responsible for the speculative trend in trade of the naira in the past few days. It is unclear how true this is, or how such illegal operators could have such a profound effect on the market.
Stay with Pulse Money to keep you updated on the daily state of the naira.