The Naira experienced a substantial surge in the black market, reaching a high of N1750 per dollar on Thursday.
This represents a 7.43% increase as the Nigerian government intensifies efforts to counter the ongoing depreciation of the Naira.
The surge in the Naira’s value coincides with the government’s increased measures to stabilize the currency.
Notable efforts include crackdowns on black market operators and targeting cryptocurrency trading platforms.
Officials say the actions aim to address the widening disparity between the unofficial market rate and the official rate, posing challenges to the government’s objective of unifying the two rates.
Earlier in the week, the Naira faced significant depreciation, hitting a low of N1,880 to the dollar.
Despite various policies implemented by the Central Bank of Nigeria to boost foreign exchange supply, the currency dynamics remain fluid.
While the Naira appreciated against the dollar, exchange rates for the Great British Pound (GBP) remained unchanged at £1/N2260. Similarly, the Naira against the Euro showed stability, trading at N1960/EUR1.
In the cryptocurrency market, where forex is transacted using stablecoins, the Naira settled at N1,708.40/$1 as of 1.15 pm.
What does dollars and naira have in common