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