There is hope for businessmen who transact with foreign currency as naira has appreciated against the dollar to exchange at N730/$ on Friday at the black market.
The information was gleaned from information from black market traders who spoke to Nairametrics.
A couple of days ago, naira exchanged N900/$1 leaving many Nigerians in a state of confusion with massive loses and inability to carry out needed transactions.
Some black market operators who reside 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.”
Another black market operator, said the market is too violate to predict, but he was happy about the appreciation.
In his words, “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.”
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