See Exchange Rate Tonight As Naira Continues To Appreciate Against Dollar

Naira has continued to gain against the US Dollar in the official market, concluding the week at N1,548.25/$1, an improvement from the previous day’s rate of N1,595.11/$1.

This uptick occurred amidst sustained demand pressures exerting a downward influence on the currency’s value.

Simultaneously, there was a notable increase in forex turnover, rising by 36.32% to reach $296 million.

This surge in trading activity reflects heightened engagement in the foreign exchange market.

The recent appreciation coincides with the Central Bank of Nigeria’s (CBN) decisive measures against suspected illicit activities involving Bureau De Change (BDC) operators and Binance, a cryptocurrency trading platform.

 

See Exchange Rate Tonight As Naira Continues To Appreciate Against Dollar

 

Furthermore, the Federal Government imposed a significant fine of $10 billion on Binance, alleging its involvement in exacerbating Nigeria’s forex challenges.

To narrow the widening gap in the exchange rate, the government plans to allocate $20,000 to each eligible Bureau De Change (BDC) operator nationwide.

These initiatives are anticipated to infuse much-needed liquidity into the market, thereby aiding in stabilizing the value of the Naira.

According to data from the NAFEM (Nigeria Autonomous Foreign Exchange Market), where forex is officially traded, the domestic currency appreciated by 3.03% at the end of the week, closing at N1,548.25 to a dollar at the close of business.

This represents an N46.86 gain or a 3.03% increase in the local currency compared to the N1,595.11 closed on Thursday.

The intraday high recorded N1652.40/$1, while the intraday low was N1400/$1, representing spread of N252.4/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $296,00 million, representing a 36.32% increase compared to the previous day.

However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,530/$1, a decrease of 2.61% against N1,490 it closed the previous day,

Meanwhile, the Great British Pound (GBP) appreciated by 4.40% to close at £1/N1,820, against £1/N1,900 recorded the previous day.

Additionally, the Naira against the Euro appreciated by 1.78%, closing at N1690/EUR1 compared to N1720/EUR1 also reported the previous day.