Emmanuel Ochayi
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.
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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.
