After series of erratic fluctuations, the naira settled at 300 against the United States dollar at the parallel market on Wednesday, February 24.

The Nigerian currency, which reached a record low of 391 against the greenback last Thursday, had began an upward movement from Monday, when it rose to 375 and 310 on Tuesday.

The Chief Executive Officer of Capital Oil, Ifeanyi Ubah, had earlier in the week, stated that the naira would soon find its feet and experience a swift turnaround, noting that the recent losses recorded were artificial and fuelled by the activities of currency manipulators.

Forex dealers however, attributed the marginal gains of the naira to the non availability of forex supplies in the market, with some opining that the Nigerian currency might not record significant growth in the next few days and others maintaining that the naira might make further gains and settle around 260 against the greenback at the parallel market.

The naira’s gradual recovery began last weekend after President Muhammadu Buhari reaffirmed his resolve not to devalue the Nigerian currency, in spite of huge pressure coming from various quarters to take such a line of action.