May 29, 2024

Forex crisis: Traders dey lose as naira return to 720/dollar


Naira don reverse by 20.8 per cent to 720/dollar for di parallel market.

Di development come two weeks after di local currency enter serious pressure for di black market, following di announcement of Federal Government to redesign naira.

Naira wey fall non-stop throughout last week against di United States dollar drop to an all-time low of 910/dollar last weekend.

But, di currency start to dey recover against di greenback on Monday, after one week clampdown for foreign exchange dealers wey dey Abuja, Lagos, Kano and other major cities by di personnel of di Economic and Financial Crimes Commission.

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On Thursday, one BDC operator for di Murtala Muhammed Airport, Lagos, Mustafa Abdullahi, mention say hin buy di local currency for 715/dollar and hin sell am for 720/dollar.

Hin still talk say plenty of dia pipo don lose hundreds of millions of naira because naira fall. Many of them buy di dollar when e dey over N800. Now the US  currency don dey fall anddem dey lose millions. Hin talk say hin lose millions of naira.

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