Naira sinks dollar on Binance, trades at N718/$
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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.
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 at 718 naira/dollar on Thursday morning after closing at 758 naira on Wednesday.
This came after President Bola Ahmed Tinubu announced the federal government’s plan to unify the country’s exchange rates to boost the economy.
He said, “The central bank must work towards a unified exchange rate, they should direct the fund from arbitrage to meaningful investment. Interest rates need to come down, currently too high, anti-people, anti-business, we have to work on all of those.”
The CBN operates a multiple exchange rates regime with different rates adopted by different segments of the economy.
They include the Nigerian Autonomous Foreign Exchange Rate Fixing also called I&E forex window, parallel market rate, International Air Transport Association rate, Interbank Exchange Rate and Bureaux De Change rate are few examples.
The World Bank had also in the recent weeks called for the unification of the exchange rate.
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