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Few days after recording some gains, naira appears to have resumed free fall, jumping to N900/$ at the parallel market.
TheNewsGuru.com reports that the local currency recorded some gains after President Bola Tinubu met with the Central Bank of Nigeria (CBN) leadership last two weeks to discuss how to save the currency from debauchery.
The currency appreciated to N820/$ early last week.
However, fresh findings show that the currency traded at N890 to a dollar in Abuja yesterday.
In Lagos, the situation is about the same even as speculative trading seems to be rearing its ugly head once again. At the Exporters’ and Investors’ (I&E) window, naira traded at N773.42/$1, 0.4 per cent lower than N770.72/$1 it closed on Monday.
On Wednesday, August 23rd, 2023, individuals in the black market purchased one US dollar for N885 and sold it for N900. This shows that the value of the Naira declined even further when compared to Tuesday, August 22nd, 2023 when the local currency was exchanged at N855 to a dollar and it was purchased at N860.