Naira rallies against dollar, exchanges for N305/$

In what may appear as a dramatic turn around in the fortune of the naira, the Nigerian currency rallied strongly against the United States dollar on Wednesday, by trading N305 to a dollar at the parallel market.

The naira has appreciated by N70 against the dollar in three days in the parallel market. The dollar was exchanged for N400 in the parallel market last week Thursday, but dropped to N375 at the end of the week.

Read also: Brace up, naira won’t stabilise soon

According to Bureaux De Change operators, they bought from customers at N270 per dollar but sold at average of N305 per dollar. This, the operators said was because they wanted minimize losses.

A BDC operator said: “People had bought when the rate was N370, and they are already making loss. But by combining dollars bought at N270, the average buying rate becomes N320. So at N305, they are still losing about N15 per dollar.”

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