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Naira Records New Gain Against US Dollar At Parallel Market

The Nigerian currency, the Naira, fought back against the United States (US) Dollar on Thursday after it exchanged at ₦1,480 per dollar in the parallel market.

Naija News understands that the Naira gained some value after it was exchanged at ₦1,540 per dollar the previous day.

Similarly, the local currency appreciated to ₦1,497.33 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) surpassing the parallel market rate by ₦10.33.

Data obtained from FMDQ showed that the indicative exchange rate for NAFEM fell to ₦1,497.33 per dollar from ₦1,533.99 per dollar on Thursday.

With this development, the Nigerian currency experienced a significant appreciation of ₦54.66.

Throughout the day, the market reached a high of ₦1,555 per dollar and a low of ₦1,415 per dollar, resulting in a margin of ₦140.

The turnover of dollars traded in NAFEM decreased by 69.4 percent to $83.5 million, compared to the previous day’s $272.86 million.

As a result, the margin between the parallel market and NAFEM rates widened to N10.33 per dollar, up from ₦6.01 per dollar on Thursday.

Meanwhile, a chieftain of the Peoples Democratic Party (PDP), Ridwan Olanrewaju, has advised President Bola Tinubu to sack the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and the minister of finance and coordinating economy, Wale Edun.

Olanrewaju insisted that the action should be taken due to the duo’s failed economic policies that has weakened the naira.

Speaking in an interview with Legit, the PDP chieftain argued that the clampdown on the cryptocurrency giant Binance would be unnecessary if Cardoso and Edun had effective economic and monetary policies.

He maintained that Binance had been in the country for a long time, and the cryptocurrency company should not be held responsible for the devaluation of the naira.

Olanrewaju lamented that the ruling party was always playing the victim card and not taking up responsibilities.

He explained that the APC has fought against parents who send their kids abroad for schooling, Bureau de Change (BDC) operators, and many others rather than implementing economic policies to strengthen the naira.

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