Naira Gains on Official Market, Declines on Black Market as FG Issues New Order to Crash Dollar

Naira Gains on Official Market, Declines on Black Market as FG Issues New Order to Crash Dollar

The Nigerian currency recovered some of its lost value against the US dollar in both the black market and the official markets This happened after the federal government of Nigeria deployed security agencies against foreign exchange speculators.

 The FG has now issued a new order to the NCC to block Binance and other online platforms where Nigerians buy and sell dollars.

The naira appreciated against the US dollar in the official foreign exchange market on Wednesday, February 21, 2024, after falling to a record low.

Data from FMDQ Securities showed that at the Nigeria Autonomous Foreign Exchange Market (NAFEM), the naira closed at N1542.5$ on Wednesday.

This was an improvement from the N1,621.41 exchange rate record set on Tuesday, February 21, 2024.