BEVERLY HILLS, February 26, (THEWILL) – The naira traded at 320 to a dollar on the parallel market on Friday, after five days of speculations, trades, drama and controversies.
The week had witnessed a dramatic rise of the naira which was short lived. Coming from the heels of an announcement by President Muhammadu Buhari against devaluation of the naira, analyst believe that speculators were lost and had no choice but to release the dollar.
Having heightened the situation with rumors of an intending cut-back on dollar spending for medicals and education abroad, which was exclusively refuted by THEWILL, the naira hit 400/dollar last week, a situation ignored by the president.
The naira, which traded last Friday at about 390 having hit 400 last week, opened on Monday at 370 but jumped to 340 on Tuesday in a dramatic twist.
The naira continued to regain its value and further appreciated in the money market trading between 280 and 310 On Wednesday.
By Friday, it lost some value and closed at 320/dollar shedding N40 to N10 while the official market rate remained at N197 to the dollar. The Great Britain pound sold for 450, while the euro went for 370 on Friday.
Story by David Oputah
