The naira is presently trading above N1,300/$ on the Binance platform.
This is because numerous traders have verified that the value of the national currency in that market segment is over N1,300.
The quoted value is indicative of market reality, certain Bureau de Change Operators told The PUNCH. The price has climbed to N1,300/$, according to an Abuja Bureau de Change vendor in Zone 4, Magaji Muhammad.
He said, “Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why.”
Another BDC seller, Abubakar Taura, however, noted that he could only sell for N1,280 per dollar.
“I can sell for you at N1,280/$ and that is the highest I can go,” Taura said.
The national currency ended trading on Monday at N838.95/$, according to information from the FMDQ OTC Securities Exchange, even though the official market hasn’t closed yet.
Even though the government is making steps to increase liquidity in the formal market, the naira is still declining. The African Export-Import Bank recently extended a $3.3 billion oil-for-cash credit line to the Nigerian National Petroleum Company Limited in an effort to increase foreign exchange liquidity.
