The naira on Wednesday strengthened against the dollar as currency speculators feared that the apex bank might introduce new unfavourable policies in the new year.
The naira gained N1, an appreciation of 0.4 per cent, to exchange at N226 to the dollar as against its previous value of N227.
However, the naira continues to exchange at N197 to the dollar at the official inter-bank window just as available apex bank’s record puts the price of crude oil at 36.09 dollars.
Traders at the parallel market disclosed that the appreciation was fuelled by currency speculators.
They envisaged that the apex bank might come up with policies that would affect them negatively in 2016 and had to act fast.