Naira Regains Value In Exchange For US Dollar For First Time In A Month

Nigeria’s currency, the Naira, on Wednesday, regained some value in exchange for the United States (US) Dollar at the black market.

Naija News learnt that at yesterday’s trading, the black market exchange rate was ₦1,300 per dollar, representing a 0.76% increase (N10) compared to the ₦1,310 rate recorded on Tuesday on the black market.

On Wednesday, there were indications of a slight improvement in the persistent foreign exchange pressure, which had been worsened by the Naira plummeting to as low as ₦1,310 per dollar, as the demand for foreign currency eased slightly.

The most recent instance of Naira appreciation occurred on October 3, 2023, when it increased by 0.79% (N8) against the US Dollar.

Last Tuesday, the Naira experienced a significant 6.86% depreciation after having strengthened by 1.85% against the dollar on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

‘Dollar Might Sell For N2000 By Christmas’ – Atiku’s Aide Reveals Tinubu’s Only Active Minister Despite Large Cabinet

Meanwhile, legal practitioner, Daniel Bwala, an aide to the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, during the 2023 election, has tackled President Bola Tinubu’s administration as Naira continues to fall.

Naija News reports that the exchange rate between the Naira and dollar opened the week at ₦1,200/$1 on the Parallel Market (Black Market) on Monday, October 23.

While many Nigerians have continued to lament the high exchange rate, Bwala, in a post via X on Tuesday, averred that the dollar might sell at N2000 during the yuletide, considering how the economy is sinking.

The PDP chieftain questioned the whereabouts of Finance Minister, Wale Edun and Governor of the Central Bank of Nigeria, Yemi Cardoso, who had promised Nigerians a smooth sailing.

He added that despite Tinubu’s large cabinet, only the Minister of Interior, Olubunmi Tunji Ojo, is hardworking.

Recall that Tunji Ojo has recorded tremendous achievements since he assumed office, from clearing backlogs of passports to assuring Nigerians they would not have to wait for the usually long period to get their passport.

According to him, once someone applies for a passport and gets captured, they should expect their passports within two weeks.

Bwala wrote: “The way the economy is sinking if serious care is not taken, by Christmas, the dollar would sell for N2000. Everything rises and falls on the naira value.

“Where are the Wale Edun and Yemi Cardoso of this world that they told us one would walk on waters and the other would turn water to wine?

“Big big grammar, but no single sign of light at the end of the tunnel

“Largest cabinet in the world, but only one minister is working; Dr Olubunmi Tunji-Ojo, minister of interior”