The Naira has experienced a substantial appreciation, surging by 7.62% to reach N2100 against the Great British Pound (GBP) in the black market.
The notable increase marked a strengthening of the Naira by N160.00 compared to the previous day’s closing rate of N2,260.
Experts say the surge indicates Nigeria’s heightened efforts to address the persistent depreciation of the Naira.
The Nigerian government has implemented various measures, including intensified enforcement actions against informal foreign currency street traders and targeted actions against a well-known cryptocurrency trading platform, all aimed at stabilizing the value of the Naira.
Nairametrics reports that the challenges of managing currency stability persist despite the Central Bank of Nigeria’s policies to boost the supply of foreign exchange (forex).
In addition to the appreciation against the GBP, the Naira also demonstrated strength in the parallel forex market, trading at N1,650/$1.
The Naira also appreciated against the Euro, gaining 5.95% and closing at N1850/EUR1 instead of the previous rate of N1960/EUR1.
The cryptocurrency market, where forex is transacted using stablecoins, also saw the Naira settling at N1,637.30/$1 as of noon.
