Naira Bounces Back To 720 Per Dollar As Traders Count Losses

The naira has recovered from its downward spiral by 20.8 per cent to 720 per dollar at the parallel market, according to the latest reports.

The rebound is coming two weeks after the Central Bank of Nigeria (CBN) announced plans to redesign the naira notes, leading to pressure on the local currency at the black market.

For the better part of last week, the naira fell consistently against the US dollar, reaching an all-time low of 910 per dollar during the weekend.

Fortunately, the local currency experienced a rebound on Monday following a week-long clampdown by the Economic and Financial Crimes Commission (EFCC) on foreign exchange dealers in Abuja, Lagos, Kano and other major cities.

More than 90 Bureau De Change operators in different cities were arrested over allegations of currency hoarding and aiding politically exposed Nigerians and other criminal elements in money laundering.

The naira recorded gains on Tuesday and Wednesday, closing in at 720 per dollar on Thursday.