The development came two weeks after the local currency came under severe pressure at the black market, following the announcement by the Federal Government to redesign the naira.
The naira which fell consistently throughout last week against the United States dollar tumbled to an all-time low of 910/dollar last weekend.
However, the currency began a rebound against the greenback on Monday, after a week-long clampdown on foreign exchange dealers in Abuja, Lagos, Kano and other major cities by the personnel of the Economic and Financial Crimes Commission.
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EFCC officials had arrested over 90 Bureau De Change operators across major cities in the country over allegations of currency hoarding and aiding politically exposed Nigerians and other criminal elements in money laundering.
The naira which was bought and sold on the streets of Lagos and Abuja between 735/dollar and 745/dollar about two weeks ago began a free fall shortly after the decision of the Federal Government to redesign the local currency.
On Monday, however, the naira rebounded and was bought and sold between 850/dollar and 860/dollar. The national currency gained significantly and steadily on Tuesday and Wednesday and closed at 720/dollar on Thursday
He also said that the recent arrest of some BDC operators likely did not add to the rebound.
Yusuf further noted that there was a possibility that a number of speculators were cautious and aware of the volatile situation, which might have prevented them from any losses.
He, however, said that sometimes one loses and sometimes one wins when speculating.
A development economist, Dr Aliyu Ilias, noted that the naira might likely still decline, especially with the coming election.
He also said that the economy had yet to be stable and the rebound might not last for long.
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