TheCable

As Nigerians celebrate Christmas across the country, bureau de change (BDC) operators were making some fast change from sale of the naira at 268 to the dollar.

“We are selling for 268,” a BDC operator told TheCable in Lagos, Nigeria’s commercial capital.

The naira has been gaining strength over the past week as it recovered from its 270s region to 260s against the greenback.

Less than 48 hours ago, the naira moved to 265 against the dollar, firming up from 270 on Wednesday.

The Central Bank of Nigeria (CBN) foreign exchnage policy has come under a lot of criticism from analysts from within and outside Nigeria’s borders.

President Muhammadu Buhari assured Nigerians during his budget presentation, that the CBN would review the forex policy – a declaration which saw the naira leap from 270 to 268 against the dollar.

“I am aware of the problems many Nigerians currently have in accessing foreign exchange for their various purposes – from our traders and business operators who rely on imported inputs; to manufacturers needing to import sophisticated equipment and spare parts; to our airlines operators who need foreign exchange to meet their international regulatory obligations; to the financial services sector and capital markets, who are key actors in the global arena,” he had said

“We are carefully assessing our exchange rate regime keeping in mind our willingness to attract foreign investors but at the same time, managing and controlling inflation to level that will not harm the average Nigerian.

“Nigeria is open for business. But the interest of all Nigerians must be protected. “To the farmers, traders and entrepreneurs, we also hear you. The status quo cannot continue.”

The naira traded between 183 and 185 to the dollar at Christmas in 2014, weeks after it was devalued by the CBN under the Goodluck Jonathan administration.