Indeed, a group of persons must have been watching to see how the Naira will bounce back against the dollar.
Surprisingly, the Naira witnessed a notable surge on Thursday, reaching a high of ₦1,750.00 per dollar in the parallel market, commonly known as the black market.
This surge represents a substantial 7.43% increase, with the currency strengthening by ₦130.00 compared to the previous day’s closing rate of ₦1,880.
Also, the surge coincides with Nigeria’s intensified efforts to counter the ongoing depreciation of the Naira.
In response to the currency’s decline, Nigeria has ramped up measures to stabilise its value.
These efforts include cracking down on informal foreign currency street traders and targeting a popular cryptocurrency trading platform.
Throughout the week, the Nigerian currency experienced a significant decline in value, hitting a low of ₦1,880 to the dollar on Thursday.
This depreciation has widened the disparity between the unofficial market rate and the official rate of the naira, presenting challenges to the government’s goal of unifying the two rates.
Also Read: Be Patient, CBN Is Working To Strengthen The Naira – CBN Gov.
Despite the Central Bank of Nigeria’s implementation of various policies aimed at boosting the supply of foreign exchange (forex), these developments persist, underscoring the complexities of managing currency stability in the face of economic challenges.
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