The naira on Friday strengthened against the dollar after weeks of
free fall at the parallel market.
The currency gained N10 to exchange at N270 to the dollar after it
nosedived to N280 on Thursday.
At the official interbank window, it gained N0.03 to close at N196.97
to the dollar.
Traders at the market said that currency speculators were afraid that
the naira could sell below their expectations and this forced them to
release foreign exchange for sale.
Meanwhile, Dr Evans Osabouhien of the Department of Economics and
Development Studies, Covenant University, Ota, Ogun, has said that
during the Yuletide, Nigerians living abroad would be coming home with
a lot of foreign currencies.
Osabouhien said that this would help to reduce the pressure on the
foreign exchange market and strengthen the naira.
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