The Nigerian currency is making an eleventh hour recovery against the dollar in the parallel market.
The announcement of the removal of fuel subsidy by the Federal Government as well as strong rumours of a devaluation of the naira by the Central Bank of Nigeria last week instanteneously caused a setback in the value of the currency against the dollar in the black market.
The naira which was exchanging for a dollar at the rate of N320 fell badly to N360 on Saturday. Today, 16th of May, 2016 seems to have given the Nigerian economy a glimpse of hope following an impressive recovery of the naira.
See details in the screenshot below:
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