In a turn of events, the Nigerian naira has surged past the N1,300 mark against the US dollar in both the Peer-to-Peer cryptocurrency window and the parallel market.
READ ALSO: Experts Urge Nigerian Govt To Adopt Multi-sectoral Approach In Tackling Inflation
Traders on the Binance platform and the parallel market echoed the unprecedented valuation, with some Bureau de Change Operators substantiating that this surge is a reflection of current market dynamics.
Magaji Muhammed, a Bureau de Change seller in Abuja, Zone 4, explained, “Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why.” However, Abubakar Taura, another BDC seller, emphasized a slightly lower rate, stating, “I can sell for you at N1,280/$, and that is the highest I can go.”
Despite government efforts to stabilize the currency, the naira’s persistent decline continues. Even after the Nigerian National Petroleum Company secured a substantial oil-for-cash loan facility, the FMDQ OTC Securities Exchange reported the national currency closing at N838.95/$ on Monday.
READ ALSO: Blame Naira Depreciation For Nigeria’s Highest Inflation In 21 Years – Experts
As the official market awaits closure, the naira’s resilience to intervention measures poses a growing concern for economic stability.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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