Foreign exchange speculators in Nigeria are now incurring losses as the naira has rebounded significantly against the US dollar on the parallel market in recent weeks.
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The naira has strengthened from its lowest point of N1,310 per dollar to now trading around N1,200/$1 following some policy moves by the Nigerian government.
This represents a 8.39 percent recovery for the local currency as dollar demand on the black market begins to decline.
According to FX dealers at the Lagos airport, they bought dollars around N1,285 but now have to sell at N1,200, incurring major losses due to the naira comeback.
The Nigerian government recently outlined plans to digitalize FX transactions and curb speculative play in the currency markets.
Analysts say this has helped cool demand for dollars on the parallel market as speculators now risk holding losses amid rising uncertainty.
“I bought dollars at N1,285 and I am now selling at N1,200. Do you know how much I am losing? Everything is government,” one operators complained.
But dealers warned that consistent implementation will be key for lasting FX stability and continued naira strengthening.
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