Actually the naira close for official market for, N446.10 on Thursday, 10, November 2022.
This means that the naira gain little valves about 0.10 percent against the dollar.
Even Naira also gain value for parallel – black market on Friday, 11, November 2022 as it was appreciate to N710 per dollar.
Because this is a correct and legit as the dollar was sell for N825 per dollar on Wednesday for the black market.
On Thursday the naira gain values against the dollar in four days, which mean it was big for the currency, after it has lose over 30 percent value inside the 11 months for the black market.
Because some reports has said that the reason for the appreciation of naira was because the sake of demand was not too available and the supply of dollars has increase for the parallel market.
But on Wednesday and Thursday, the local money gain back strength against the foreign currency that is almost reach N900 for black market across the country.
‘Dollar was sell this week N710 on Friday’
Because one Bureaux De Change operator (BDC) Baba Sheu said that in the black market they buy it for N700 to N701 and while they sell it for N710 to N711 per dollar as at on Friday, 11 November.
He said that market was very slow this days because people don’t too buy the currency
Baba Sheu added that many operators can make gain or they can even loose money now sake of the way the dollar was falling seriously against the naira.
“Let me tell you, even person that buy dollar when it was more than 800 makes and he sell it 710, let me tell you, that is not lost.
Baba Sheu says “As it stands now, is better we should know the way we sell our dollar, so that the person will not lose”.
Why the Naira wasn’t stable for the recent weeks?
Even last week, naira was drop to about N900 per dollar.
Because many people was attribute the gain to the government plan which is Central Bank of Nigeria (CBN) for the redesign of naira.
While some was saying sake of how the Economic and Financial Crimes Commission (EFCC) was looking deeply for the FX dealer matters.
Though the low exchange rates that Nigeria has witness was moving up the costs of importing goods and raw materials.
Because this issue as become something that worried buyers, importers and business owners.
Because low exchange rate simply means that the local currency has fall and it was one of the major thing that cause high inflation rate for the country base on how big importation was in Nigeria.