By Our Correspondent in Lokoja.
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The value of dollar to naira fell sharply this weekend with the local currency exchanging below N1000 in the parallel market.
This is the first time in over a month that the local currency would gain remarkable strength since it exchanged above N1000.
From N1,150 in the parallel market on Thursday, the dollar exchanged for N950 on Friday evening and below in the morning, gaining over N200.
Sources at the Murtala Muhammed International Airport (MMIA), Lagos confirmed to our correspondent that the dollar exchanged for N750-N800 in the morning before appreciating to N950 in the evening.
This happened in the midst of intervention from the Central Bank of Nigeria (CBN), which was said to have started clearing backlog of matured dollar obligations amounting to over $7bn.
The beneficiaries of the CBN remittances were banks and airlines, bolstering expectations among foreign airlines operating in Nigeria.
For instance, the United Arab Emirates (UAE) carrier, Emirates, may soon resume flights to Nigeria as both countries finalise agreements which may see the Arab country lift its visa and work permit bans on Nigerians.
Some members of the public,who spoke on the development in an interview with our correspondent in lokoja on sunday,expressed delight and called on the government to evolve more economic measures to further strengthen naira against dollar and other foreign currencies.
They expressed optimism that with continued strengthening of naira against dollar,especially,the development would ease the current economic reality of Nigeria,adding that it would have positive effect on the skyrocketing of prices of goods and services.
Edited by Dada Ahmed.
