Naira, on Monday, experienced a significant increase in value.
Gatekeepers News reports that the value peaked at N2100 per Great British Pound (GBP) in the parallel market, commonly known as the black market.
This surge marked a significant increase of 7.62% in value, with the currency strengthening by N160.00 compared to its previous day’s closing rate of N2,260. This surge aligns with Nigeria’s efforts to address the persistent depreciation of the Naira.
The Government has implemented various measures aimed at stabilizing its value, including intensifying enforcement actions against informal foreign currency street traders and targeting a popular cryptocurrency trading platform.
Despite the Central Bank of Nigeria (CBN)’s efforts to boost the supply of foreign exchange (forex), these challenges persist, underscoring the complexities of managing currency stability in the face of economic challenges.
The Naira also appreciated at the parallel forex market, where forex is sold unofficially, with the exchange rate quoted at N1,650/$1, an increase of 6.06% compared to its closing rate of N1,750/$1 the previous day.
Additionally, the Naira’s value against the Euro increased by 5.95%, closing at N1850/EUR1 compared to N1960/EUR1 the previous day.
