Naira Exchange Rates Gap Collapse to N40
As the naira starts to heal from multiple pressures, the gap between official and parallel market exchange rates has reduced to N40, according to data reviewed by MarketForces Africa Research.
In the foreign exchange market, the naira appreciated by 0.89% to close at ₦1,595.11 per US dollar in the official market. The resurgence of the local currency strength followed improved FX inflows into the autonomous FX market after the apex bank resumed foreign currency sales.
Also, the rapid gain seen across the market followed some combative measures by the local authority to keep the naira steady. The apex bank in collaboration with securities agency had raided FX whales in the shadow economy.
The latest decision to bar Binance from trading naira on its crypto-powered peer-to-peer platform has also been positive on the exchange rate in the parallel market. The exchange rate at the parallel market has however regained value more than the official rate in the last two weeks.
In the parallel market, the Naira closed at N1,555 against the US dollar on Thursday after the Central Bank of Nigeria’s (CBN) decision to resume US dollar sales worth $20,000 per bureau de change.
In the global commodity market, Brent crude declined by 0.12% to close at $82.05 per barrel, while WTI crude advanced by 0.18% to $78.68 per barrel. #Naira Exchange Rates Gap Collapse to N40 Naira Suffers Big, CBN Goes Ballistic Against FX Whales
The post Naira Exchange Rates Gap Collapse to N40 appeared first on MarketForces Africa.
Published on: March 2, 2024
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