Naira Rises Against Dollar in Black Market

Following the Central Bank of Nigeria's decision to lift restrictions on the inter-bank foreign exchange market three months from now and increase weekly forex sales to bureau de change operators, the naira has appreciated as much as 12 percent against the US dollar in the parallel market.The naira, according to agency reports, traded at N160 to the dollar yesterday, compared with about N182 on May 22, when the CBN ban was lifted.A foreign currency dealer who trades in Surulere, Lagos, said yesterday he bought the dollar at 161 naira today (yesterday). The black-market rate's appreciation brings it closer into line with the official market, where the naira is trading at N148 per dollar. The lifting of the forex controls imposed by the CBN last February indicate that the government?s earnings are on the rise as oil prices increase, said Lucky Adaghe, head of global custody services at First Bank of Nigeria Plc.

Hopefully, the rate stays stable for a little while. The actual rate is not as important as the rate being stable

Gas price is up a little. Naira is not a currency one can hold on to unless you go to naija regularly.