For months now, Nigeria Naira has been battling with US dollars exchange rate. We have witnessed 400/$ this year in Nigeria parallel market which drained Nigeria economics drastically. And all measure to control the dollar to Naira exchange rate in Nigeria parallel market has proved futile, to the extent of seeking the help of our neighboring country, China to help control our Naira to dollar price in parallel market but seems things have started working out for Nigeria currency.
This is a great move and the un-quantifiable effort of the past and present administration to strengthen the gap between Naira and dollar is yielding a result gradually. The Nigeria currency has gained a tremendous recovery from US dollars earlier this week. In the past few weeks now, the Naira to dollar parallel market price has maintained its stand at 320/$ but Nigeria currency has gained a point while US dollar dropped some.
Nigeria currency has recovered N2 against the dollars exchange rate in the black market on the 4th, May 2016 Which implies that the current exchange rate is 318/$ as at this time. I think that is great recovery and a great move to strengthen Nigeria economics.
What is your take about this?