Naira Strengthens by 7.43%, Trades at N1750 per Dollar in the Black Market

The Naira reached a high of N1750 per dollar in the parallel market on Thursday. This surge in the black market represents a significant 7.43% increase, with the currency strengthening by N130.00 compared to a closing rate of N1,880 on Wednesday.

This is coming following the Federal government’s intensified efforts to mitigate the ongoing depreciation of the Naira.

Nigeria ramped up measures to stabilise the Naira’s value in response to the currency’s decline. Among other things, the government clamped down on street traders of foreign currency and deployed measures against a popular cryptocurrency trading platform.

Earlier, the naira experienced a momentous decline in value, going as low as N1,880 to the dollar on Thursday.

Major Consumer Goods Firms in Nigeria Lose N472.3 Billion Due to Naira Depreciation

This depreciation has been worsened by the disparity between the unofficial market rate and the official rate of the naira. This presented challenges to the government’s goal of unifying the two rates.

The Central Bank of Nigeria has struggled with managing currency stability in the face of economic challenges. However, the issues persist despite CBN’s implementation of various policies aimed at boosting the supply of foreign exchange (forex).

However, the Great British Pound (GBP) remained flat at £1/N2260, the same as was recorded the previous day.

Also, the Naira traded flat against the Euro, closing at N1960/EUR1 compared to N1960/EUR1 reported the previous day.

In the cryptocurrency market where forex is sold using stablecoins, the Naira also settled at N1,708.40/$1 as of 1.15 pm.

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