👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

FinanceNews

Naira rebounds as CBN clears forex debt backlog

The Nigerian currency, the naira, made significant gains, closing at N1,120 against the dollar following the announcement that the Central Bank of Nigeria (CBN) started addressing its outstanding forex debts.

This uplift of N50, or 4.27%, is a considerable recovery from its previous rate of N1,170 on Wednesday.InformationGuideNigeria


👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Several Bureaux De Change operators shared their observations with The PUNCH on the naira’s rapid rebound. Early trading saw the naira at N1,170/dollar, but it quickly surged to close at N1,120/dollar.NYSC Portal

Awolu, a currency trader, commented, “Today’s dollar rate is N1,040 for selling and I buy at N1,030. The rate has decreased significantly from its N1,170 position this morning. The trend is still downward; there’s no telling where it will stabilize.”JAMB Portal

Echoing this sentiment, Kadri said, “The dollar was N1,150 in the morning, and now it’s down to N1,120.” Abubakar and Muhammad also confirmed the drop in dollar rates, emphasizing the continued decline throughout the day.JAMB Result

See Other Top Stories:

Aminu Gwadabe, the President of the Association of Bureaux De Change Operators of Nigeria, confirmed the N1,120/dollar closing rate for Thursday. Gwadabe credits the CBN’s proactive measures to clear some of its forex backlog as the primary reason for the naira’s positive performance.

He said, “It is closing at N1,120. Even yesterday it came down to N1,150. Today, it started at N1,170 but it is closing at N1,120. Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”

Check JAMB Result

Check and Confirm: How much is Dollar to Naira

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

📢 We are hiring writers!

Article Writing Jobs - We are hiring good freelance writers - Click here to apply

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). . . The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker