Naira gains 17%, sells for 310/dollar

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The naira rose by 17.3 per cent on Tuesday against the dollar at the parallel market to 310 from 375, which it traded on Monday.
The naira had been on a free fall in the last two weeks, peaking at 391 against the greenback at the parallel market last week Thursday. The local currency, however, began a gradual recovery on Friday.


Foreign exchange dealers told our correspondent on Tuesday that the naira’s recovery could be linked to the gradual inflows of foreign exchange into the forex market.

 An economist and currency expert at BestWorth Holdings, David James, said the naira would continue rise to a point where the true value of the local currency could be found against the dollar


The economy of Nigeria has been battered by the plunge in global oil prices. The nation depends on crude oil for over 90 per cent of its forex earnings. The fall in the fortunes of the naira at the parallel market has affected companies and industries, causing economy growth to drop from 6.8 per cent to an average of 3.4 per cent.

The CBN has been rationing dollars as part of the measures to preserve the external reserves, which has hit an 11-year low of $28bn.
Meanwhile, the CBN-licensed Bureau De Change operators on Tuesday said plans were ongoing to transform their operational structure to compete in the global regulatory currency market.

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