Naira strengthens against dollar on parallel market again.

There are strong indications that the
Nigerian currency may have gained more
strength against the dollar on the parallel
market again.
As at this morning on the ‘black’ foreign
exchange market, the dollar was sold for
between N320 and N315, but this afternoon,
Naij.com’s impeccable sources as the Bureau
De Change (BDC) revealed that the Nigerian
currency is fast growing against the
American dollar.
The source who pleaded anonymity stated
that as at 1.05pm, the naira stood at N310
against the American currency on the black
market.
He noted that despite the fact that the
Nigerian currency had been unstable against
the dollar in recent days, it seems to be
garnering more strength amid unchanged oil
prices on the global market.
Another BDC operator informed that it now
sells for N310 at his end, a situation which
he claims “may still improve before the end
of the day.”
This rise and fall of naira against the dollar in
recent weeks has also led to inflation of
goods and wares in the market, with every
Nigerian particularly groaning under its
hardship.
This may have also totally shut speculators
up after initial suggestions that the naira (up
to N400/dollar about two weeks ago) will
soon be exchanged for about N450-N500 on
the black market following the trend in the
economic situation of the country.