Nigeria’s naira jumped against the dollar on the parallel market and Binance, a major crypto exchange on Friday, hitting a 3-month high of 819. This comes a day after the Central Bank of Nigeria began to clear a backlog of matured foreign-currency forward contracts that have hampered dollar inflows.

On Tuesday, Nigeria’s central bank began clearing a backlog of forward foreign exchange contracts worth $6.7 billion which has been weighed on the naira with an unspecified number of banks in the West African nation. This step is seen as key to stabilizing the Nigerian currency.

According to Bloomberg, the naira soared to 819.10 on the cryptocurrency exchange platform Binance Holdings Ltd., a 28% gain from the previous day, as of 2:15 p.m. local time. Data from Abokifx, a company that aggregates exchange rates on the streets, shows that the local currency soared to 1080 from 1220 on November 1.

As the Naira completes its jump, the CEO of Binance, Changpeng Zhao (CZ) posted a flag of Nigeria on his official X account. Many speculate this was due to a spike in trading as buyers and sellers alike panicked as the naira fluctuated.

Nigeria's newly elected administration, under the leadership of President Bola Tinubu, made stabilizing the naira a pivotal promise as the currency experienced its largest slump in history this year.