The Nigerian currency, has strongly rebounded and recovered to N670 to a dollar from a low of N900/$1 at the black market.
Naira also strengthened against Pound Sterling, gaining about 165 Naira or 16.4 per cent to 840 Naira, from a record low of 1,005 Naira per Pound.
At the official Investors and Exporters, I&E window, the local currency also recorded modest appreciation against the dollar and other major foreign currencies However, Market watchers have expressed serious concern on the sustainability of Naira rebound.
One of the experts is the Director General of the Centre for Development of Small and Medium Scale Enterprises, Muda Yusuf, who said Naira’s annihilation and its sudden rise have created serious anxiety and dislocation in the manufacturing sector.
