Naira to dollar gains massively at foreign exchange market.
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For the first time since last week, the naira marginally appreciated against the US dollar on Tuesday in the foreign exchange market.
Dollar to Naira, Pounds to Naira, Euro to Naira Black Market Exchange Rates Today 20 February 2024
Data from FMDQ revealed that the naira traded at 1,551.24 per US dollar on Tuesday, compared to the N1,574.62 on Monday. This marks a gain of N23.38 or 1.5%, reflecting a positive shift from the N1,574.62 recorded at Monday’s close.
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Ejes Gist News gathered that the last time the naira appreciated was last Thursday when it traded for N1,498.25 per US dollar.
Naira to dollar at Black Market Exchange rate Crashed.
However, at the parallel market, the naira dropped to N1,740 on Tuesday from N1,660 per US dollar on Monday.
This development comes barely 24 hours after officials of the Economic and Financial Crime Commission, EFCC, clamped down on illegal Bureau De Change operators in Wuse Zone 4.
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On Tuesday, the anti-graft agency reported the arrest of six persons in Lagos over alleged involvement in currency racketeering and selling new naira notes for commercial purposes.
Ejes Gist News reports that in the past weeks, the Central Bank of Nigeria has introduced several policies to check the continued fluctuations of the naira in the FX market.
The latest policies by CBN include new guidelines issued to halt the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash. Additionally, the apex bank stopped international oil companies, IOCs, operating in Nigeria from repatriating 100 per cent of their forex revenue.
