Naira bounces back powerfully, appreciates to N280/dollar

Posted by Mayowa Okekale, Abuja | 24 February 2016 | 3,746 times

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The gloomy outlook for the Nigerian currency, the naira, significantly brightened today, with reports that it has further strengthened to around N280 to a dollar in the parallel market. This is s massive gain, considering that the naira exchanged for N405 in the parallel market last week.

The rebound of the battered currency has sparked celebration across the country, including in opposition circles.

The main opposition party, the Peoples Democratic Party (PDP), tweeted this afternoon: “This is very good news. No sincere political party can ever wish its nation to fail. We are excited about the recovery of the Naira and God bless Nigeria.”

The formerly ruling party emphasised that “the economy does not know PDP or APC. We are all affected and that is why we must support our country at all times.”

“If our nation fails, we all suffer. This is why we must all ensure our nation works,” PDP added.

Source: News Express

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