Goodnews as naira strengthens against dollar, checkout new rate

Despite the myriad of economic headaches Nigeria has continued to suffer, the nation’s currency, naira has strengthened against the American dollar in the black market, NAIJ.com can authoritatively report.

According to our Bureau De Change source in Katsina, the naira has gained strength and trades at N337/$1 today, May 24, as against the N340/$1 rate on Monday, May 23.

The Nigerian currency had started last week on a disappointing note trading at N367/$1. It however made a remarkable comeback in the early hours of Tuesday, May 17, trading at N348/$1 across major parts in the country before strengthening further and staying consistent to close the week at N340/$1.

READ ALSO: Naira trades at N340/$1 in black market

At the start of the new week yesterday, the naira retained its strength to close the day at N340/$1. But according to our BDC source, the nation’s currency has strengthened further against the greenback today, May 24.

Our Katsina based BDC source said: “The naira is selling for 337 to a dollar in the black market. This is welcomed development knowing fully well that just yesterday it traded at N340/$1.

“Although, I can’t tell if the naira will continue to stay strong because recently we heard that the Kaduna Refining and Petrochemical Company has stopped production. This is because there is lack of crude supply and also due to the renewed militancy in the Niger Delta region.  The attacks are putting more pressure on our economy. And more pressure on our economy means more pressure on our currency.”

READ ALSO: Amid NLC strike, naira strengthens against dollar in black market

Nigeria continues to suffer from numerous economic headaches which include poor crude prices and the uncertainty in foreign exchange.

The nation is also faced with a myriad of problems like attacks on oil installations, an unprecedented scale in the prices of commodities and fuel scarcity.

Meanwhile, following the steady decline of the naira largely blamed on the fall of the price of crude oil, the Movement for the Ac­tualisation of the Sov­ereign State of Biafra (MASSOB) has threatened to start issuing the Biafran currency in Igboland.

The Sun reports that Martins Ezeaka who is the Anambra north director of finance of MASSOB said in Onitsha state that the depreciation of the naira may necessitate the reintroduce the Biafran currency for the people of the south east to use in financial transaction like it did in the past.

You can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.

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