The Nigerian currency has once again increased in value against the US dollar in the foreign exchange marketData shows that the naira in the unofficial market appreciated by over N150 and also gained in the official marketThe naira-to-dollar exchange rate is now higher in the official market compared to the black market.…..CONTINUE READING>>>>>>
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Naira recorded a strong performance against the US Dollar across the foreign exchange (FX) market on Wednesday, February 28.
Data from FMDQ Securities showed that at the Nigeria Autonomous Foreign Exchange Market (NAFEM), the naira closed to close at N1,609.51/$1.
This was an improvement from the N1,615.94/$1 exchange rate record set on Tuesday, February 27, 2024.
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The value of the naira rose amid a shortfall in the supply of forex by 22.7% or $35.02 million to $119.14 million from $154.16 million.
CBN data revealed naira maintained stability against the pound sterling and the euro in the spot market on Wednesday, exchanging at N2,023.64/£1 and N1,729.36/€1, respectively.
Naira to dollar at the unofficial market
It was a good performance for the naira against the US dollar in the two unofficial markets.
In the parallel market, the Naira gained N150 against the dollar on Wednesday to sell at N1,450/$1, in contrast to the N1,600/$1 it was sold a day earlier.
Meanwhile, Binance, Coinbase, and Quidax have suspended the buying and selling of USDT and USDC for Naira.
This comes after the governor of the CBN, Olayemi Cardoso, claimed that $26 billion passed through Binance Nigeria from unknown sources.…..CONTINUE READING>>>>>>
