• Mon. Dec 11th, 2023

Ndokwa Vanguard

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Naira strengthens to N950/$ in parallel market

Nov 4, 2023

The Naira continued its rebound against the dollar on Friday, Nov. 3, strengthening to N950/$ on the average in the parallel market.

At noon on Friday, on a popular crypto exchange platform, Binance, the local currency was traded against the dollar at N864.19/$1 compared with Thursday’s closing rate of N1,024/$1, indicating that it has gained N159.81.

Earlier today, it was exchanged at N974/$1.

A look at the black market showed that the domestic currency also appreciated against the US Dollar this afternoon to sell at N950/$1 compared with the previous day’s value of N1,140/$1, indicating an improvement by N150.

The CBN’s move to clear some of its forex backlog has been responsible for the strengthening of the naira.

Recall that on Thursday, Nov. 2, it was reported that the apex bank of the country had commenced the payment of outstanding matured FX forwards owed to various creditors (read here).

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