Categories: Exchange Rates Headline

BREAKING: Naira Hits Record High, Surpasses N1,300/$, See New Exchange Rate

P2P Traders on the Binance platform and the parallel market echoed the unprecedented valuation, with some Bureau de Change Operators substantiating that this surge is a reflection of current market dynamics.

Advertisement
Advertisement

Naira has hit a record high and surpassed N1,300/$, See New Exchange Rate below.

 

NewsOnline Nigeria reports that the Nigerian naira has surged past the N1,300 mark against the US dollar in both the Peer-to-Peer cryptocurrency window and the parallel market.

 

This Nigeria news platform learned that P2P Traders on the Binance platform and the parallel market echoed the unprecedented valuation, with some Bureau de Change Operators substantiating that this surge is a reflection of current market dynamics.

 

SEE ALSO: FG Saves N8tn From Subsidy Removal, FX Reform – Taiwo Oyedele

 

Magaji Muhammed, a Bureau de Change seller in Abuja, Zone 4, explained, “Currently, we are selling for N1,300/$. We are witnessing more demand and that’s why.” However, Abubakar Taura, another BDC seller, emphasized a slightly lower rate, stating, “I can sell for you at N1,280/$, and that is the highest I can go.”

 

Despite government efforts to stabilize the currency, the naira’s persistent decline continues. Even after the Nigerian National Petroleum Company secured a substantial oil-for-cash loan facility, the FMDQ OTC Securities Exchange reported the national currency closing at N838.95/$ on Monday.

 

As the official market awaits closure, the naira’s resilience to intervention measures poses a growing concern for economic stability.

 

Advertisement
NewsOnline Nigeria

Recent Posts

  • Exchange Rates

Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 25 December 2024

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 24 December 2024.…

50 minutes ago
  • Crime Watch

BREAKING: Boko Haram Terrorists Bomb Nigerian Army Base

Boko Haram Terrorists have reportedly bombed the Nigerian Army Base.   NewsOnline Nigeria reports that…

55 minutes ago
  • Headline

BREAKING: Plane Carrying 67 People Bursts Into Flames On Christmas Day (VIDEO)

A plane carrying at least 67 people busted into flames on Christmas day.   NewsOnline…

1 hour ago
  • Top Stories

Primate Ayodele Preaches Love, Compassion To Christians On Christmas

Primate Ayodele has preached love and compassion to Christians on Christmas.   NewsOnline Nigeria reports…

1 hour ago
  • Economy And Business

President Tinubu Sends Message Of Hope To Nigerians On 2024 Christmas Celebration

President Tinubu sent a message of hope to Nigerians at the 2024 Christmas Celebration.  …

1 hour ago
  • Top Stories

JTAH Foundation Hosts Annual Christmas Event, Shares Xmas Gifts (PHOTOS)

JTAH Foundation has hosted an annual Christmas event and shared Xmas gifts in Lagos.  …

1 hour ago