The US dollar on Tuesday, dropped to N892 at the parallel section of the foreign exchange market.
The dollar started the day at N930 and continued at the same level till around 4:00 pm when news about a possible Central Bank of Nigeria (CBN) intervention filtered through to the Bureau De Change (BDC) operators.
The news triggered a steady decline, such that by close of the day on Tuesday, the exchange rate had come down to N892 to dollar, but remains volatile.
The CBN had announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.
The acting CBN governor, Folashodun Shonubi, dropped the hint on Monday while briefing State House reporters after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
Checks by our reporters at various locations in Lagos indicated that BDCs are buying at N900 and selling at N910, after touching N970 to the dollar earlier in the day.
At the Wapa forex market in Kano, the BDCs are buying at N875 and selling at N905 to the dollar.
Further checks at Zone 4 BDCs market in Abuja revealed how the money speculators in the area were taken unawares by the development.
However, at the Investors and Exporters window, the dollar opened at N789/$, got to a high of N799/$ and a low of N740/$ and eventually closed at N774/4, N10 higher than the N764/$ it closed the previous day.
