Currency Dealers Explain Why Dollar is Crashing as Naira Appreciates in Official and Black Markets
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The Nigerian currency, the Naira, has experienced a significant gain against the US dollar in both the official and black markets. Currency dealers have shed light on the factors contributing to the Naira's appreciation and the dollar's decline. The oversubscription of recent Federal Government of Nigeria (FGN) bonds and other securities has positively impacted the Naira. The various FGN bonds issued by the Nigerian government and the Central Bank of Nigeria's (CBN) Open Market Operations (OMO) auctions with high interest rates have played a significant role in the Naira's upsurge. Additionally, the clearing of Forex backlogs by the CBN has had a massive effect on the Naira, further improving its prospects against major currencies. As a result, the Naira has appreciated against the dollar ...
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