Naira strengthens to N950/$ in parallel market

The Naira continued its rebound against the dollar on Friday, Nov. 3, strengthening to N950/$ on the average in the parallel market.

At noon on Friday, on a popular crypto exchange platform, Binance, the local currency was traded against the dollar at N864.19/$1 compared with Thursday’s closing rate of N1,024/$1, indicating that it has gained N159.81.

Earlier today, it was exchanged at N974/$1.

A look at the black market showed that the domestic currency also appreciated against the US Dollar this afternoon to sell at N950/$1 compared with the previous day’s value of N1,140/$1, indicating an improvement by N150.

The CBN’s move to clear some of its forex backlog has been responsible for the strengthening of the naira.