Naira ends controversial week at 320/dollar

The naira traded at 320 to a dollar on the parallel market on Friday, halting the very controversial week better than it did just a week ago.

The naira, which traded last Friday at about 390 to the greenback, opened on Monday at 370 on Monday, only to take a leap to 340 on Tuesday – its all-year best leap.

On Wednesday, the naira took an erratic turn, following uncertainties in the money market, trading between 280 and 310.

It however depreciated again on Friday, losing between N40 to N10 in less than 24 hours, with the official market rate standing still at N197 to the dollar.

The week was a very controversial one for the naira, following Capital Oil’s Ifeanyi Ubah’s proclamation that he could restore the naira to 200 in a month.

After Ubah’s declaration, the naira began an appreciation journey, rising from 390 to 280 at different sessions of the parallel market, only to renege to 330.

Ubah was quick to claim credit for the naira movement, thanking Nigerians for their support for his “unprecedented” work on the naira.

“As at this evening, the dollar has dropped further to N310 as against N390 on Sunday evening before my interview on Channels,” he said.

“This shows that the earlier increase has been artificial as some people were manipulating and benefitting from it. They will all be fished out in due course so that Nigeria will be better and the suffering of the masses will end.

“With God and our sincere efforts, even when we have not been fully consulted, the Dollar can still be brought down to N200 and below. Let the discourse continue. Shun the Dollar till it’s N200. Pray for Nigeria and let the Dollar go down to N200 and below.”

The Great Britain pound sold for 450, while the euro went for 370 on Friday.