Naira makes big gain, hits 385/dollar
The naira continued its strong showing Thursday, strengthening to 385 to the dollar on the black market, gaining massively from 457 recorded a week ago.
On the official interbank market, the nairaalso firmed up to 308 to the dollar, raising hope of better days for entrepreneurs.
The local currency has been appreciating in recent weeks on the back of the continued and consistent interventions in the forex market with the Central Bank pumping in millions of dollars.
“We see the exchange rate converging at some point between 380-400 naira to the dollar in the near term because of the determination of the central bank to increase dollar supply,” the President, Association of Bureau De Change operators, Aminu Gwadabe, said.