Naira Appreciates by N150, Official Exchange Rate Now Higher Than Black Market
- The Nigerian currency has once again increased in value against the US dollar in the foreign exchange market
- Data shows that the Naira in the unofficial market appreciated by over N150 and also gained in the official market
- The naira-to-dollar exchange rate is now higher in the official market compared to the black market
Legit.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, 2024.
Source: Facebook
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 improved from the N1,615.94/$1 exchange rate record set on Tuesday, February 27, 2024.
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.
The Central Bank of Nigeria 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 the 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.
Legit.ng observed that locations in some parts of Lagos, where forex street trading takes place are now empty, with shops closed.
Abdullah, a BDC operator, was spotted hiding behind a bank signpost in Ikotun area of Lagos explained that EFCC recent raid had made business extremely challenging.
"We are still in business but mainly with those who know us; our shops are closed, and we are no longer allowed to stay on the street. I don't know why the government thinks we are the cause of the naira's fall."
Meanwhile, Binance, Coinbase, and Quidax have also suspended the buying and selling USDT and USDC for USDC stablecoins for the Naira as the CBN commenced fresh investigations in collaboration with security agencies.
This development follows a statement by the governor of the CBN, Olayemi Cardoso that $26 billion passed through Binance Nigeria from unknown sources.
Peter Obi on new Customs exchange rate
Earlier, Legit.ng reported that the Central Bank of Nigeria adjusted the Nigeria Customs Service foreign exchange rate for clearing imported goods at Nigerian ports.
Peter Obi reacted to the latest changes and expressed concerns that they could lead to the death of many businesses.
He further advised the government on actions to help the Naira recover against the US dollar.
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Source: Legit.ng
