Good News: Naira Has Recovered in Black Market.. See the New Rate

The naira, which dropped sharply in the blacket market bounced back to recovery on thursday, as it appreciated to a band of N225 to N230 to a dollar, compared to N240 to the dollar at which it sold in the last few weeks.

 

Forex dealers attributed the naira’s gain to excess supply of the greenback in the market, even as it looked like a lot of speculators would lose their shirts.

 

THISDAY learnt from a reliable source that commercial banks that presently have dollars in excess of $1 billion in their vaults have started taking desperate measures to mitigate currency risk.

 

The source, who is a bureau de change (BDC) operator, disclosed that banks have stopped accepting dollars because they have too much cash in their vaults.