Nigerian Naira experienced a increase in value against the US dollar in the official market, closing the week at N1,548.25/$1.
Gatekeepers News reports that this represents a 3.03% increase compared to the previous day’s closing rate of N1,595.11/$1. The forex turnover at the end of trading was $296 million, indicating a 36.32% increase compared to the day before.
The intraday high recorded was N1652.40/$1, while the intraday low was N1400/$1, representing a spread of N252.4/$1.
The recent appreciation of the Naira coincides with the Central Bank of Nigeria’s (CBN) measures against suspected illicit activities involving Bureau De Change (BDC) operators and Binance, a cryptocurrency trading platform.
The Federal Government has also 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.
