The Nigerian currency on Thursday, May 12, made an appreciable growth against the American currency after the removal of fuel subsidy.
The announced removal of fuel subsidy on Wednesday, May 11, had created a widespread uproar by Nigerians who believe that the President Muhammadu Buhari-led administration is insensitive to the plight of its citizens.
But instead of the naira to fall against the dollar, it gained momentum against the American dollar on the foreign exchange market, trading at N320/dollar as against the N323 which it was bought on Wednesday.
Speculators are unsure of the effect the fuel subsidy removal will have on the naira, but our bureau de change source believes it may stabilise on the long run if the N145/litre fuel pump price for premium motor spirit (petrol) remains firm.
“This is something nobody anticipated or expected, not even at this time when the naira is struggling on the parallel market.
“But I believe if the new amount for petrol is stabilised, we can experience a steady rise of the naira against the dollar. I believe this may have a positive effect on foreign exchange on the long run as we are all clamouring for,” the source informed.
Meanwhile, you can check out our bureau de change market here for the most authentic forex rates.
The post After fuel subsidy removal, naira improves; check out new rate this Thursday appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM (Nigerian newspapers).
