Naira Poised to Strengthen on Parallel Market After Crypto Gain – Bloomberg
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Americas+1 212 318 2000
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Asia Pacific+65 6212 1000
Nigeria’s naira jumped against the dollar on the parallel market and on crypto exchanges on Friday, a day after authorities said they took steps to clear a backlog of matured foreign-currency forward contracts that have hampered dollar inflows.
The local currency soared 10% to 1,035 a dollar on the parallel market, according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles exchange-rate data. It was quoted at 819.10 on Binance Holdings Ltd.’s platform, a 28% gain from the previous day, as of 2:15 p.m. local time.
