Naira now trades for N335/dollar on parallel market

In spite of the ongoing nationwide by the Nigeria Labour Congress (NLC) over the fuel price hike, the Nigerian currency firmed up against the dollar.

This has been the case since the labour union workers decided to shut the economy as they are making demands that the federal government reverses the fuel pump price of petrol to N87 at all costs.
NAIJ.com’s checks revealed that the naira now trades at N335/dollar as against the N348 that forex traders were made to buy the Nigerian currency on the parallel market following the outbreak of the industrial action on Wednesday, May 18.

Exchange rates as at Thursday, May 19, 2016.

“I am not sure how the naira gathered such a huge momentum against the dollar, but one thing I know is that the NLC strike has not in anyway affected the state of the nation’s economy.
“Very few Nigerians could afford to leave their jobs where they make their daily living from to follow the labour union workers in the struggle. I believe if the naira rises again in the next 24 hours, then we may have won a serious battle against the fall of the Nigerian legal tender,” our impeccable bureau de change source revealed.
You can also visit our bureau de change portal to meet real buyers and sellers of the foreign exchange.
Meanwhile, the NLC has insisted that its protest will continue for as long as the fuel pump price of petrol remains at N145/litre.
Follow NAIJ.com’s live updates here to know the latest on the second day of the industrial action by the labour union workers