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The Nigerian currency, the Naira, has shown signs of recovery against the US dollar in both the black market and the official market. This positive development comes after the federal government of Nigeria took action against foreign exchange speculators by deploying security agencies.
However, the government has now issued a new order to the Nigeria Communication Commission (NCC) to block platforms such as Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, where Nigerians buy and sell dollars.
In the official foreign exchange market, the Naira closed at N1542.5/$ on Wednesday, an improvement from the previous record low of N1621.41.
Participants conducted transactions worth $172.14 million during the trading session at the official market. The Naira also maintained stability against the Pound Sterling and the Euro, exchanging at N2,023.64/£1 and N1,729.36/€1, respectively.
In the unofficial markets, the Naira had a mixed performance against the US dollar. In the Peer to Peer segment, it improved its value by N42 to sell at N1,760/$1.
However, in the black market, it suffered a loss of N70, settling at N1,885/$1. To address the Naira’s free fall, the federal government has directed the NCC to block access to online platforms facilitating foreign exchange transactions.
This decision follows the government’s strategic attacks on Bureaux De Change operators to influence the market.
In addition, the Central Bank of Nigeria (CBN) plans to introduce a singular foreign currency gateway bank to centralize correspondent banking activities and facilitate international trade.
The CBN also aims to streamline the number of BDC operators, improve forex inflows, and stabilize the Naira.
While these measures show the government’s commitment to stabilizing the currency, it remains to be seen how effective they will be in the long term.
Nigerians will be closely watching the impact on the value of the Naira and the ease of accessing foreign exchange.
