The naira has maintained its pace on the black market, strengthening to N710 per dollar on Friday in Lagos.
In comparison to the N825 to a dollar it traded at on Wednesday, the development implies a gain of N115 or 13.9 percent.
Bureaux de Change (BDC) operators in Lagos’ Ikeja neighborhood stated that the dollar was worth N700 to buy and N710 to sell, leaving N10 for profit.
The traders claimed that citizens’ desire for dollars was moderate.
“I have a lot of money in my hand, but sales are down significantly from last week. According to Abubakar, a trader at the Alade Market in Ikeja, “I haven’t sold anything yet today.
Musa, a local currency trader at Victoria Island, claimed to be buying the local currency at N700/$ and selling it for N740/$ on Friday morning.
He claimed that he and a few of his coworkers were losing money since they had purchased the dollar at roughly N800 but were now forced to sell it for less.
“I’m losing money too, but I’m not selling until it starts to rise again. When it increases, they (the other currency dealers) will hold onto it and sell it, he said.
He further said that a rumor that US dollar bills printed before 2022 will no longer be accepted by January 2023 was to blame for the naira’s strengthening against the dollar.