The value of the naira: Nigerians comment on the recovery of their currency from the collapse of the dollar The naira appreciated by almost 47 cents
The Nigerian naira has appreciated against foreign currencies since Monday when it was exchanged at N430 per dollar in the open market in Abuja and other parts of the country.
This follows the announcement by the Central Bank of Nigeria (CBN) that it will continue to sell foreign currency to registered currency exchange traders.
The British Fan and Euros are also being exchanged for N535 and N520 each.
On Tuesday, one dollar was exchanged for 432 naira at the Wapa market in Kano State, while in Lagos it was exchanged for 440 naira.
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The dollar is also trading at 430 naira in Abuja on Wednesday.
But this is happening in the open market, while the government dollar price is above N380 per dollar.
According to data released by the exchange watchdog Abokifx, the naira appreciated by 12 to N477 against the dollar exchanged on Friday, August 28.
Weep with joy
This has led traders who bought the dollar to fear a fall if the naira continues to appreciate, while others are rejoicing at the return of the value.
Aminu Gwadabe, president of the Association of Bureau de Change Operators of Nigeria, told Bloombarg that entrepreneurs do not want to buy foreign currency now because of uncertainty.
"A lot of the moneylenders out there are bringing it to market because they don't know what the price will be, and people don't want to buy it," he said.
Nigerian social media users, especially Twitter, have also commented on how the "Naira" remains one of the most talked about topics on Twitter.
That being said, "We need a fixed price for the Naira and not necessarily a higher value."
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As the fall in foreign exchange rates has not only affected Nigerians, parents will also be able to pay for their children's education abroad if the naira continues to appreciate.
Prominent social media user Dr. Instead Awójídé advised the students to focus on their studies because however the English Fan is very valuable.
Impact of Naira appreciation
Economist Dr. Shamsuddin Muhammad of Bayero University Kano told the BBC that the fall in the value of the dollar would benefit the poor and the Nigerian government.
The university professor said that when the price of foreign goods goes down or goes up it affects people and their domestic products.