After sustained losses over the past few trading days, the Naira rebounded on Thursday in its exchange rate for the USD, trading at N1,549.515/$1 at the parallel market and representing N9/$! Gain at the close of the day’s trading.
Some of the Bureau de Change (BDC) operators at the Wuse Zone 3 axis of the Federal Capital Territory (FCT) told our correspondent that the gain of the local currency may not be sustainable due to the current low supply of the USD to the parallel market.
One of them, Mallam Abdullahi, said: “Yes, today the Naira is doing better based on its exchange rate here but we are not too sure if demand for the dollar will continue to increase because our customers are complaining so much about the challenges they are facing with their businesses.
“The only way government can help us and business people is to solve the problems of lack of sale of products business people are making so that the manufacturers can buy more dollars from us”, he added.
Over the past few weeks, complaints by manufacturers and other business owners about the inclement business clime have been raging, especially as Nigerians are lamenting over the rising cost of goods and services.
The latest inflation rate reported by the National Bureau of Statistics (NBS) showed that in May, the headline inflation rate increased to 33.95% relative to the April 2024 headline inflation rate, which was 33.69%.
The May 2024 headline inflation rate reflected an increase of 0.26% points when compared to the preceding month’s headline inflation rate.
Specifically, in the month under review, the food inflation rate peaked at 40.66% on a year-on-year basis, representing a significant increase from the 24.82% recorded in May 2023
