Naira Jumps in Parallel Market After Central Bank Warns Traders
- Local currency unit gains 15% in the unauthorized market
- Naira exchange rate remains volatile in the official market
A customer counts Naira banknotes at a market in Lagos, Nigeria.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
The naira jumped in Nigeria’s parallel market on Wednesday as local traders responded to a warning from the central bank against currency speculation.
The naira’s unofficial rate was 810, representing a 15% increase in the Nigerian currency from Monday’s level of 950, according to Abubakar Mohammed, chief executive of Forward Marketing Bureau de Change Ltd. in Lagos.