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HomeEconomyNigeria's Naira Gains Strength Against Dollar in Current Exchange

Nigeria’s Naira Gains Strength Against Dollar in Current Exchange

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By Our Correspondent

The value of dollar to naira fell sharply this weekend with the local currency exchanging below N1000 in the parallel market.

This is the first time in over a month that the local currency would gain remarkable strength since it exchanged above N1000.

From N1,150 in the parallel market on Thursday, the dollar exchanged for N950 on Friday evening and below in the morning, gaining over N200.

Sources at the Murtala Muhammed International Airport (MMIA), Lagos confirmed to our correspondent that the dollar exchanged for N750-N800 in the morning before appreciating to N950 in the evening.

This happened in the midst of intervention from the Central Bank of Nigeria (CBN), which was said to have started clearing backlog of matured dollar obligations amounting to over $7bn.

The beneficiaries of the CBN remittances were banks and airlines, bolstering expectations among foreign airlines operating in Nigeria.

For instance, the United Arab Emirates (UAE) carrier, Emirates, may soon resume flights to Nigeria as both countries finalise agreements which may see the Arab country lift its visa and work permit bans on Nigerians.

Global News Network Correspondent
Global News Network Correspondenthttps://globalnewsnetwork.com.ng
GNN is a News blog based in Nigeria to educate, inform and Analyse issues of interest like Politics, Health, Solid Minerals, Energy and Power, Transportation, Defence and Security, Sports and Entertainment to our teeming audience. Stories are generated by seasoned veteran Editors and Journalists. We Say It As It Is.

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