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Data from the well-regarded Binance Crypto trading site indicated that the conversion rate was impressively at N855 to $1 by 6:30 p.m. on Friday. This event demonstrates the Naira’s remarkable recuperation path.
Meanwhile, the black market, which is sometimes used as an unofficial barometer of the strength of the currency, has conversion rates for $1 in cash transactions that range from N1000 to N1,100.
Speculators’ eagerness to exit their short positions, coupled with their hurry, underlines their expectation of additional rises in the Naira.
On Tuesday, Business Insider Africa reported that the exchange rate between Nigeria’s naira and the US dollar has dropped to its lowest level ever on NAFEM, where official forex is sold.
That signified a whopping 20.5% devaluation, the naira’s lowest level ever recorded versus the dollar. Previously, the lowest figure was N848/$1 on October 17, 2023, representing a one-day 8.17% devaluation at the time.
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