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.

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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.

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