Naira and Dollar Currency.
On Friday at noon, the local currency on the Binance cryptocurrency exchange platform was exchanged for the dollar at a rate of N864.19 per $1, which showed a gain of N159.81 compared to the previous day’s closing rate of N1,024 per $1.
On Friday, November 3rd, the Naira sustained its recovery against the dollar, reaching an average of N950 per $1 in the parallel market.
Earlier today, it was traded at a rate of N974 per $1.
A glance at the black market reveals that the local currency also appreciated against the US Dollar this afternoon, being sold at N950 per $1, marking an improvement of N150 from the previous day’s value of N1,140 per $1.
The strengthening of the Naira can be attributed to the Central Bank’s action in addressing a portion of its backlog in foreign exchange.
As a reminder, on Thursday, November 2nd, it was reported that the nation’s central bank had initiated the settlement of overdue matured FX forwards owed to different creditors.