The naira sustained its appreciation against the United States dollar at the parallel market as it appreciated on Friday, from N1,160 to N1,155. It could be recalled that the naira had steadied in the parallel market on Wednesday and Thursday as it sells for N1,160 respectively. However, the forex turnover on Thursday hit $105.50 million according to data from NAFEM, the Nigerian Autonomous Foreign Exchange Market, the market trading segment for investors, Exporters and end-users.
Although the rate is still unpalatable to the business community and Nigerians at large but a management consultant, Babatunde Adeniji, said the naira crisis is being largely driven by speculation following the country’s liquidity challenge. “In terms of price, for the short time it is speculation that drives thing