NAIRA APPRECIATES AGAINST U.S DOLLARS, TRADES N480 TO $1

Emmanuel Thomas I Thursday, February 23, 2017

IKEJA, Lagos, Nigeria – The Naira showed strenght against the U.S Dollar at the black market today selling for N480 to $1 on Thursday, February 23, 2017.

The Dollar which sold for N516 two days ago has crashed to N480 to one U.S Dollar.

Market analysts have atteibuted the new strenght of the Naira to the recent guidelines issued by the Central Bank of Nigeria, CBN, which now authorised the setting of up of Bureau De Change at the International airports across the country to make the U.S$ available for travelers.

The apex bank also authorised commercial banks to sell U.S Dollars to customers who need it to pay for school fees and as Basic Travel Allowance, BTA, etc.

The new CBN policy seemed to have sent signals of volatility into the black market, with prices changing within minutes and the traders quit apprehensive.




For instance our reporter who was at one the black markets in Ojodu, Berger was told that the strong currency sells for #490 to $1 but after selling and collecting the Naira, the seller, a Mallam told our reporter that price has just crashed and that he wil no longer buy the Dollar at #490 but #480, forcing our reporter to part with his Dollars at #480 per U.S$.

It is not clear how long this new policy can hold the ever rising U.S Dollar, only time will tell.