The Naira has made appreciable gains against the dollar in the last couple of hours. Here’s the back story to it all. This time last week, the Naira was in a race of its own for the bottom. Nigeria’s currency just couldn’t be stopped. At the parallel market just a few days ago, the Naira closed trading at N525 to the Dollar. Economists and speculators were so sure that trading would close at N600/$1 before mid March, 2017. However, on February 20, 2017, the Central Bank of Nigeria (CBN) tweaked its foreign exchange policy following marching orders from the national economic council headed by Vice President Yemi Osinbajo.
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