At midday Friday, the Naira appreciated to N880/$1 on Binance, a cryptocurrency exchange.
The rate was N118.6 lower than the previous day’s rate of N998.6/$1.
The news appears to have sparked panic selling on the Binance P2P market.
The Naira strengthened on Thursday in both the parallel and official international markets, according to reports.
According to the article, the Central Bank of Nigeria began clearing currency backlogs to commercial banks, airlines, and other businesses on Wednesday.
The currency market has received a favorable signal from the Development.
Dayyabu Mistila, a Bureau De Change operator in Abuja’s Zone 4, ascribed the Naira’s recent strength to its increased availability.
In response to the development, Mr Idakolo Gbolade, CEO of SD & D Capital Management, stated that the recent release of FX obligations by the CBN is to blame for the Naria comeback.
He believes that if the current trend continues, the Naira would strengthen and trade below N1,000/$1 in the foreign market before the end of the year.
“The Naira’s rebound against the dollar comes on the heels of the CBN’s recent clearance of foreign exchange obligations.” This has instilled trust in the system and caused the Naira to strengthen versus the US currency. If the current trend continues, the Naira would be trading below N1,000 per US dollar before the end of the year.
“The CBN needs to continue the intervention so that the Naira can gain strength going forward and improve the economy” , the minister said.
