• Sunday, December 03, 2023
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Speculators lose as dollar falls by 8.39% on parallel market

Foreign exchange (FX) speculators are now counting losses as the dollar has fallen by 8.39 percent on the parallel market, following some government-announced policies.

From the lowest of N1,310 per dollar, naira has strengthened to N1,200/$1 on the black market.

Read also: Naira now exchanges with dollar at N1,235

Nigeria’s government plans to digitalise FX transactions and discourage speculative demands and hoarding of FX in cash.

Read also: Naira weakens as dollar liquidity decline

“I bought dollars at N1,285 and I am now selling at N1,200. Do you know how much I am losing? Everything is government. If the dollar is going up, it is the government, if it is coming down, it is the government, ” a black market operator at the Lagos airport told BusinessDay on Friday.

…Update later