THE Nigerian currency, the naira, recorded significant gains against the dollar in the parallel market and official Investors and (I&E) window.
The development comes as the foreign exchange market significantly increased as the Nigerian National Petroleum Corporation Limited (NNPCL) secured a $3 billion facility from AfremiBank to stabilize the exchange rate.
The naira appreciated by N28 or 3.8% in the parallel market as the exchange rate dropped to N885 per dollar from N920 per dollar recorded on Tuesday, August 15, 2023.
The Nigerian currency also appreciated by N21.44 per dollar, representing 3.25% in the official I&E window, as the exchange rate dropped to N759.86 per dollar from N781.30 per dollar on Tuesday, August 15, 2023.
Vanguard reports that black market sources revealed that the strengthening of the naira was due to the recent moves by the Central Bank of Nigeria’s Acting Governor, Folashodun Shonubi, to clamp down on speculators.
Shonubi’s pronouncement signaled that the CBN would soon take steps to boost forex liquidity and tackle speculators to address the falling value of the naira.
News Update Benin’s President Patrice Talon is safe and the army is regaining control, after…
News Update THE military has seized power from the civilian government in Benin Republic after…
...Congratulates Osun APC, LGA Chairmen Over S'Court Verdict A chieftain of the All Progressives Congress,…
News Update A Nigerian Air Force jet crashed near Karabonde in the Borgu Local Government…
News Update THE Osun State chapter of the All Progressives Congress (APC) has accused the…
News Update Food prices are beginning to drop in several parts of the country as…