The dollar’s value against the naira witnessed a significant drop from its peak of N1,310 last week, resulting in a marked appreciation of the naira, particularly on the black market.
Traders attributed the naira appreciation to specific government-proclaimed policies, causing uncertainty among speculators. Additionally, the Central Bank of Nigeria made strides in resolving unsettled matured FX forward contracts in banks, clearing approximately 75 per cent to 80 per cent of the contracts. This move significantly relieved pressure on the foreign exchange market.
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