Reports reaching Nairametrics suggest black market operators are currently buying dollars from speculators at a price of N210. They are in turn selling to Speculators at a price range of N215 to N220 depending on where you are buying from.
Some of the black market operators interviewed by Nairametrics also opine that the Naira is poised to strengthen further against Naira and see a price of N205/N210 in the horizon. They told us in broken English “if you wan buy dollar make you wait small because e go drop. Everybody dey rush to sell dollar quick quick because of the CBN.” Translated to If you want to buy dollars wait a bit more as the price will drop further. Everybody (Speculators) are rushing to sell dollars quickly due to CBN policies.
The Naira has strengthened in the last four days after the CBN pulled off another cat in the hat policy, albeit effective this time, restricting banks from accepting dollar cash deposits from their customers. The banks have also not been giving out PTA and BTA for travelers. Whilst this measure may have helped in reducing the exchange rate, it has also created arbitrage situation for sharp black market operators.
They know now that the Naira is King (at least for now) and as such speculators with no market use for the green back will have no choice but to sell to them at any price. However, those who need dollars for market reasons (like to import or travel on holiday) will have no choice but to buy at the price on offer.
No one knows how this back and forth will end with the CBN basically emptying its arsenal on trying to defend the Naira by all means. Whether it will rise or fall now depends on the next steps the CBN takes. For now Naira remains KING.