The naira on Tuesday appreciated against the dollar at the parallel market as it continues to recover from the record fall in value witnessed last week. The rise in value comes few days after the operatives of the Economic and Financial Crimes Commission (EFCC) raided Bureaux De Change hub in Abuja.
The exchange rate appreciated to N665 per dollar, according to Bureaux De Change operators (BDCs) at the Ikeja area of Lagos.
The operators quoted the buy rate at N650 per dollar and the selling rate at N665 per dollar. They credited the appreciation in the value of naira to the availability of the dollar.
On the other hand, the value of the naira fell at the official market on Tuesday, with the exchange rate rising to N430.67 per dollar on Tuesday from N428.88 per dollar it closed on Monday.
The spot rate went as high as N444.00 per dollar on Tuesday at the I & E Window.
Recall that the naira hit record low against the dollar last week at the parallel market with the exchange rate rising to N718 per dollar on Friday.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
My question is, if Nigeria deviate from dollar and uses other currency like yen etc, what will happen
Nothing should happen… by international law, countries are free to use currency of their choice.