Nigeria’s currency, the Naira, appreciated N880/$1 on Binance, a crypto platform at mid-day Friday.
The figure represented an N118.6 decrease from the N998.6/$1 it traded on Thursday.
The Development seems to have triggered panic selling at the Binance P2P market.
Newspot reports that the Naira gained on Thursday at the Parallel and official foreign markets.
Recall that the report suggested that the Central Bank of Nigeria had commenced clearing forex backlogs to commercial banks, airlines and other entities on Wednesday.
The Development had sent a positive signal to the forex market.
Dayyabu Mistila, a Bureau De Change operator in Zone 4 Abuja, attributed the gain in Naira to its recent availability.
Reacting to the Development, the CEO of SD & D Capital Management, Mr Idakolo Gbolade, said the recent clearance of FX obligation by CBN is responsible for the Naria rebound.
He said if the momentum is sustained, the Naira will emerge stronger, trading below N1,000/$1 at the forex market before the end of the year.
“The rebound of the Naira against the dollar is against the backdrop of the recent clearance of FX obligations by the CBN. This has brought confidence to the system and made the Naira emerge stronger against the US dollar. If the momentum is sustained, the Naira would be trading below N1,000 against the US dollar before year-end.
“The CBN needs to continue the intervention so that the Naira can gain strength going forward and improve the economy”, he stated.
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