Nigerian naira surges significantly on black market

The Nigerian naira experienced a significant surge on the black market on Thursday, subsequent to the announcement by the state-owned oil company NNPC that it had successfully obtained a $3 billion loan, which is anticipated to contribute to stabilizing the currency market.

The naira was listed at 860 against the U.S. dollar on abokiFx, a platform that releases online black market exchange rates for the currency.

This marks a contrast from its previous record low of 960 earlier in the week.

The NNPC secured the oil repayment loan shortly after the acting governor of the central bank, Folashodun Shonubi, revealed that the bank was preparing to implement measures that could influence the currency market.

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