Last week, naira dropped as low N880 per dollar across different street markets. The situation deteriorated to a breaking point last Thursday as some dealers were quoting N900 per dollar.Some bureau de change operators told The Guardian that they were waiting for a clear market lead to resume buying.
Findings, however, suggested the drop is triggered by lack of market direction and not necessarily a new price equilibrium. “Some of the people arrested are the major dealers. Those are the people that give us price. If they don’t provide direction, nobody can predict the market. I believe we will know the new price after they have settled. The exchange rate may go up then or drop, nobody knows,” a trader stated.