Breaking: Naira sinks dollar on Binance trades at N712/$

The Naira rose against the dollar in the peer-to-peer trading market after reports that CBN official exchange had fallen from 461.6 Naira to 631 Naira against the dollar it was selling at the I&E window the day before.

NGN/USDT traded as high as 712 naira/dollar after closing at 758 naira on Wednesday. This came after President Bora Ahmed Tinubu announced the federal government’s plan to unify the country’s exchange rates to boost the economy.

Pan-African credit rating agency Agusto & Co. has forecast a gradual decline in the official exchange rate to 480-500/dollar this year, signaling a willingness to change course, with the Naira value on the 20th. likely to lead to an increase in Black market he up to N650~N680/$. At the time of writing this report, Naira was trading near his N755/$.

Moreover, a recent report from Johannesburg-based financial services firm Absa Group Ltd said Nigeria’s currency would depreciate by 15% after President Tinubu took office to deal with a severe trade imbalance and dollar shortage.