Naira remains strong against dollar on Wednesday

For the third consecutive day, the Nigerian currency remained firm against the dollar on the parallel market.

The naira which had been on a free fall against the dollar in previous weeks, strengthened against the dollar this week, standing at an appreciable N320/dollar for the third consecutive day.




  The black market sellers revealed that the recent trips by President Muhammadu Buhari, coupled with the prices of crude oil, which rose to a four-month high on Tuesday, April 12, may have contributed to the latest developments.

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And as one of our reliable sources told us on Tuesday, the naira exchange rate may not necessarily appreciate on the black market, but there are chances it will not fall against the American currency this week.

“Since Monday, we have been selling between N320 and N319/dollar and that is the way it has been everywhere in the country all week.

“It is a positive sign that better things are underway for us this week, perhaps this trend can follow us into the new week and get better in the coming weeks that we have this new month,” our impeccable source revealed.

President Buhari is in far away China where he is on a four-day state visit to strengthen ties between both countries. And late Tuesday, April 12, the president signed a new international agreement with the Peoples Republic of China.

Meanwhile, check out our exchange ‘market’ to meet buyers and sellers of forex at the cheapest and most affordable rates all over the country.