The Nigerian currency sheds off N500 against the US dollar – Business Insider Africa

This gain quickly followed the previous days gain in the official and parallel market. A report by the Punch newspaper shows that the Naira closed at N1,410 per US dollar on the black market on Wednesday.

According to data obtained from the FMDQ Securities Exchange, 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.

The currency's gain in the official market is equivalent to an appreciation of N68, or 4.5%, over the N1,560/$1 reported at NAFEM the previous day. In the parallel market, the gain is equivalent to N190, or 13.5%.

"The dollar supplied by FX market players increased to $288.47, an increase of $2 or 7.46 percent from $268.29 million recorded on Wednesday from $195.13 million at NAFEM," the Punch's report reads.

This denotes 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.

As promised by Governor Olayemi Cardoso, the Central Bank of Nigeria announced on Wednesday that it has successfully settled all legitimate foreign exchange backlogs, settling $7 billion in inherited claims.

The Central Bank of Nigeria issued several circulars in recent weeks which have assisted in fixing loopholes that had previously been exploited by money speculators and racketeers.

Additionally, the president warned against Nigerians sabotaging the currency, calling such an act unpatriotic and deserving of burnt fingers.

View post:
The Nigerian currency sheds off N500 against the US dollar - Business Insider Africa