Naira Gains 7.43% On The Black Market Versus The Dollar, Reaching N1750
The value of the Naira gained significantly, peaking at N1750 per dollar on the black market, or parallel market, on Thursday.
This surge is a significant 7.43% increase, with the currency strengthening by N130.00 when compared to the N1,880 closing rate of the previous day.
The increase is in line with Nigeria's stepped-up attempts to stop the Naira's continuous depreciation.
Nigeria has increased efforts to stabilize the value of the currency in reaction to its decline. Among these initiatives are the abolition of unlicensed foreign exchange street vendors and the targeting of a well-known cryptocurrency trading website.
The value of the naira declined significantly during the course of the week, with a low of N1,880 to the dollar on Thursday.
The government's objective of unifying the two rates is facing difficulties as a result of this depreciation, which has increased the gap between the official and unofficial market rates of the naira.
These trends continue despite the Central Bank of Nigeria enacting a number of policies meant to increase the supply of foreign exchange (forex), highlighting the difficulties in maintaining currency stability in the face of economic difficulties.
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