Tech

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.

Advertisement

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.

Advertisement
citynews

Recent Posts

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

10 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

13 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

14 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

17 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

17 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

17 hours ago