The Nigerian currency, the Naira, on Friday regained its strength and appreciated to N208 to the Dollar in the parallel market, compared with N212 it traded for on Thursday.
The British Pound Sterling and the Euro also traded at N330 and N230 respectively at the parallel market on Friday.
The News Agency of Nigeria reports that the official interbank exchange rate, however, remained at N197 to the Dollar.
Olufukeje Adegbeye, a Wealth Manager, attributed the fluctuation of the Naira to the global devaluation of the dollar and recent monetary policies of the Central Bank of Nigeria.
Adegbeye told NAN in Lagos that the intervention of the CBN had stifled the forces of demand and supply in the nation’s currency market.
Adegbeye, who is also a currency trader, said the interventions of the apex bank would have been gradual to stem its impact on businesses.
He said: “The businessman on the street should be taken into consideration.
“Some of our manufacturers still depend on the importation of raw materials for their operations.
“The policy on foreign exchange restriction has made life extremely difficult for manufacturers.”
Adegbeye also said the CBN, through its policies, has created avenues for the cross border smuggling of foreign currencies, especially the dollar.
NAN.