Naira Surges, Trades At N712/$ On Binance
The naira's value went up against the dollar in peer-to-peer trading. This happened because of rumors that the CBN's official exchange rate decreased from N461.6/$ to N631/$. However, these rumors are still unconfirmed.
On Wednesday, the NGN/USDT went up to N712/$ from the previous close at N758. President Bola Ahmed Tinubu announced plans to unify the country's exchange rates to help the economy, which caused the increase.
Remember how Agusto & Co., the Pan-African credit rating agency, predicted a slow drop in the official exchange rate to 480-500/dollar this year? Well, that means the black market could go up to N650~N680/$.
A financial services firm named Absa Group Ltd reported that Nigeria’s currency will decrease by 15% after President Tinubu takes office. The report stated that this will help Nigeria with its trade imbalance and lack of dollars.
