Again, the Nigerian currency has been dealt a huge blow on the parallel market after crashing against the dollar for the second consecutive day.
Hopes had been raised on Monday, May 10, that the Nigerian currency would rise in value against the American currency after the budget was signed into law after a long wait by Nigerians.
But the Nigerian legal tender refused to appreciate for the second consecutive day and now trades at N323 against the dollar as Nigerians remain unsure of the next stage of the economy following the final signature of the budget.
Our source at the bureau de change market revealed that the recent crash of the naira against the dollar was unprecedented as speculators had predicted a survival of the Nigerian currency for the foreseeable future.
The impeccable source noted, however, that the recent change is not something that should create panic among Nigerians as it is not likely to be sustained.
“I was also surprised when the naira refused to appreciate against the dollar for two consecutive days. But I don’t think it is something that should cause panic for us, it will definitely not last for too long, ” the source revealed.
Trade on our bureau de change market, where you can meet with real buyers and sellers of foreign exchange.
