Naira reverses losses, strengthens at parallel market

The naira, on Wednesday, reversed its depreciation trend, strengthening to N1,860 at the parallel section of the market.

This represents an appreciation of N40 or 2.11 percent compared to the N1,900 it traded on Tuesday.

According to currency traders, although the rate was higher during business hours, it dropped at the close of the market.

The traders put the buying price of the dollar at N1,820 and the selling price at N1,860 — leaving a profit margin of N40.

“The rate came down this evening,” a trader who simply identified as Hamuc said.

Meanwhile, the local currency appreciated by 0.56 percent at the official market to close at N1,542.58 to the dollar on Wednesday — from N1,551 recorded on Tuesday.

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According to details on FMDQ Securities Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the highest price recorded within the day’s trading was N1,755 to the greenback, while the lowest was N1,050.

Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, had said Binance and other crypto platforms should be banned from operating in Nigeria

The special adviser said Binance is “blatantly setting exchange rate for Nigeria,” and hijacking the role of the Central Bank of Nigeria (CBN).

Meanwhile, in response to the volatility in the FX market, the CBN and the Office of the National Security Adviser (ONSA) recently entered a partnership arrangement to investigate and penalise those involved in illicit activities within the market.