• The Naira surged to N1750 per dollar in the black market, marking a substantial 7.43% increase.
• This surge contrasts with the previous day’s closing rate of N1,880, showing a strengthening of N130.00.
• Nigeria has intensified efforts to counter the Naira’s depreciation, including crackdowns on informal forex traders and targeting cryptocurrency trading platforms.
• Despite efforts to stabilize the currency, the Naira experienced significant depreciation throughout the week, reaching a low of N1,880 to the dollar on Thursday.
• The widening gap between the unofficial and official exchange rates poses challenges to the government’s aim of unifying the rates.
• The Central Bank of Nigeria has implemented policies to boost forex supply, but currency stability remains elusive amid economic challenges.
•The GBP remained unchanged at £1/N2260, while the Euro traded flat at N1960/EUR1.
•In the cryptocurrency market, the Naira settled at N1,708.40/$1 as of 1.15 pm.
• The National Security Adviser’s Office, led by Nuhu Ribadu, collaborates with the Central Bank of Nigeria to combat forex speculation and address economic instability.
• Joint efforts involve coordination with law enforcement agencies such as the Nigeria Police Force, EFCC, Nigeria Customs Service, and Nigeria Financial Intelligence Unit to tackle speculators contributing to Naira depreciation and economic instability.
