Just some days ago, the naira had exchanged N900/$1 before appreciating massively on Friday.
The naira has appreciated against the dollar to exchange N730/$ on Friday at the black market.
This is according to information from black market traders who spoke to Nairametrics.
Just some days ago, naira exchanged N900/$1 leaving many Nigerians in a state of agony.
Abu, a black market operator who resides in Lagos, said that the market had come back to normalcy, and the initial depreciation was caused by panic buying.
“After the CBN redesign announcement, we received so much demand for the dollar that came out of nowhere. This was because petty people panicked about the news of the creation of the new Naira note.”
“I always knew it would come down, but I never thought it would be this fast.”
Bola, another black market operator, said the market is too violate to predict, but he was happy about the appreciation. He said:
“The forex market is becoming increasingly difficult to predict because it is too volatile. I can’t say for certain what is causing the movement of the Naira, but I am pleased it’s appreciated.”