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See How Naira Ended The Week Against Dollar

Naira Appreciating Faster Than Expected - ABCON Reveals New Rate
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.

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