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NAIRA
The 12-month naira forwards increased to N454.50 per dollar on Wednesday, from a high of N522.56 on April 20.
The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations.
Nigeria leads the pack in the peer to peer use of bitcoin in African continent with more than $35 million, while the closest rival, South Africa
This is naira's first major gain against the dollar since late March.
CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 that has reduced the country's foreign earnings.
The continuous rally of the local currency against the dollar can be attributed to the improved liquidity in the foreign exchange market due to the intervention of the Central Bank of Nigeria (CBN), as well as the decline in the activities of currency speculators.
Naira appreciated to N453 to a dollar on Thursday, May 28, 2020, which represents a N2 gain when compared to the N455 to a dollar that it exchanged at the end of Wednesday trading.
Naira has depreciated against the US dollar, as it dropped from N455/$1 to N460/$1 on Thursday afternoon.
Naira appreciated to N455 to a dollar on Wednesday, the first working day of the week after the 2-day sallah break.
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Rates in the parallel market will remain under pressure and we might see it above the N460 /$ levels it is currently trading at.
It is obvious that the CBN has come to realize that BDC operators can be the difference between naira recovery and depreciation during volatile times.