This gain quickly followed the previous day’s gain in both the official and parallel market. According to a report by the Punch newspaper, the Naira closed at N1,410 per US dollar on the black market on Wednesday. Data from the FMDQ Securities Exchange revealed that the Nigerian currency ended trading on Wednesday at 1,410\/dollar in the parallel market and N1,492 at the official Nigerian Autonomous Foreign Exchange Market.<\/p>\n
<\/p>\n
The currency’s gain in the official market marks an appreciation of N68, or 4.5%, over the N1,560\/$1 reported at NAFEM the previous day. In the parallel market, the gain amounts to N190, or 13.5%.<\/p>\n
<\/p>\n
The dollar supplied by FX market players increased to $288.47 million, an increase of $2 or 7.46 percent from $268.29 million recorded on Wednesday from $195.13 million at NAFEM, as per the Punch’s report.<\/p>\n
<\/p>\n
This signifies that in the past few weeks, the Naira has gained N500 against the US dollar from its record low this year at the black market.<\/p>\n
<\/p>\n
In line with Governor Olayemi Cardoso’s promise, the Central Bank of Nigeria announced on Wednesday that it has successfully settled all legitimate foreign exchange backlogs, settling $7 billion in inherited claims.<\/p>\n
<\/p>\n
In February, Nigeria ranked amongst the African countries with the worst currencies, in 10th place. During that time, the Naira was N1500 against the US dollar. However, days later, the Naira plummeted to as low as N1,673 per dollar and N2,000 per British Pound.<\/p>\n
<\/p>\n
The Central Bank of Nigeria has issued several circulars in recent weeks aimed at fixing loopholes previously exploited by money speculators and racketeers. Additionally, the president has warned against Nigerians sabotaging the currency, calling such an act unpatriotic and deserving of burnt fingers.<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
This gain quickly followed the previous day’s gain in both the official and parallel market. According to a report by the Punch newspaper, the Naira closed at N1,410 per US dollar on the black market on Wednesday. Data from the FMDQ Securities Exchange revealed that the Nigerian currency ended trading on Wednesday at 1,410\/dollar in […]<\/p>\n","protected":false},"author":14,"featured_media":24385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-24379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/24379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=24379"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/24379\/revisions"}],"predecessor-version":[{"id":24386,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/24379\/revisions\/24386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/24385"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=24379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=24379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=24379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}