Naira Recovers, Ending Several Weeks Of Free Fall; Now N270 To A Dollar

The naira on Friday recovered what it lost on Thursday, strengthening against the dollar after weeks of free fall at the parallel market.

The currency gained N10 to exchange at N270 to the dollar after it slumped to N280 on Thursday as the central bank reduce the amount of dollar in circulation.

At the official interbank window, it gained N0.03 to close at N196.97 to the dollar.
Traders at the market said that

Giving possible reasons for the recovery, traders said currency speculators were afraid that the naira could sell below their expectations and this forced them to release foreign exchange for sale.

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dollar, naira, nigeria

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