Naira Regained Value Against US Dollar Faster Than Expected

The CBN has implemented several measures to boost the naira against foreign exchange, such as clearing approximately $7 billion in valid foreign exchange backlogs, providing FX to over 1,500 BDC operators at the official rate, cracking down on cryptocurrency platforms like Binance for engaging in speculation, and more.

The head of the BDC sector commended the present government for its progress, noting that this is the first time in the past 15 years that the dollar is trading at a lower rate in the parallel market than the official rate.

Gwadabe revealed that BDC operators are currently purchasing the dollar at ₦980/$1 and selling it at ₦1,020/$1, in contrast to the official rate of ₦1161/$1 set by the Central Bank of Nigeria(CBN).

Naija Newsreports that over the past few weeks, the naira has appreciated significantly by over 40%, rising from approximately ₦1,900/$1 in early January to around ₦1,100/$1 at present.

For the first time in the history of (Nigeria), over the past 15 years, we have never seen where the open market is lower than the CBN rate..

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