Nigeria’s naira firmed more than 6 percent on parallel market on Tuesday as individuals who had stockpiled dollars to hedge against political risk because of the general elections sold off their holdings, black market dealers said.
The naira NGN firmed to 197 against the dollar on the parallel market operated by bureau de change agents, the same level as the interbank market, from 210 naira on Thursday.
Nairametrics also learnt that some parallel market dealers have been turning sellers back saying they are not buying dollars as the market is facing a serious case of over supply (which we explained in a prior article).
Source: Reuters/Nairametrics
