Speculators Groan As Naira Gains, Sells At N780/$

Weeks after the value of the Naira began a nosedive on speculative activities and fall out of the currency redesigning by the Central Bank of Nigeria(CBN), the currency has begun recouping some of its losses as it closed day selling at between N785 and N780 to the dollar on the streets.

Money changers in Lagos told LEADERSHIP that, having reached a peak of N870 to the dollar last week, the market had seen a turnaround in events as there was more dollars to sell than to buy on the streets.

This had ruined business for speculators who had expected the value of the naira to crash further to N1000 to the dollar.

Although rumours were rife that the dollar would soon be changing at N1,000. roadside money changers were reluctant to buy more dollars yesterday as they feared that the dollar would crash further and those willing to buy are quoting between N760 and N770 to the dollar.

When LEADERSHIP visited the popular Alade Market in Ikeja, Lagos capital yesterday, only few money changers were doing business. One of the bureau de change operators, who wants to be simply known as Jubril, told LEADERSHIP that the dollar had been on a free fall since Monday, ‘but today own get as e take be.’ He noted that, from buying at N800 and selling at between N805 and N810 on Wednesday morning, the naira had gone to between N765 and N770 for buying dollars while the selling rate was around N775 and N780.