The Naira on Friday, September 30, crashed to N490/$1 but appreciated quickly to trade at N475 against the dollar at the parallel market
This comes after the local currency sustained losses for four consecutive days.
Dollar to Naira
NAIJ. com had gathered yesterday, September 29, that the massive plummeting of the Naira was as a result of the anticipated return of transfer of dollars abroad by Travelex through the Bureau De change (BDCs).
The arrangement, introduced by the CBN August last year, to facilitate the transfer of money outside the country for payment of students’ school fees, has faced serious hiccups with acute shortage of dollar.
It was also learnt that there is no bank dispensing dollars to the BDCs for that purpose.
However, it is believed that the local currency may be on the road to recovery as Travelex which is believed to be working now, can boast of the technology to sell forex to about 1,000 BDCs in a couple of hours.
The growth of the local currency comes just after Kemi Adeosun, minister of Finance, said that Nigeria is almost gone out of recession.
According to Adeosun, Nigeria was already getting out of recession as the federal government had taken steps that were in the best interest of the citizens.