The naira appreciated significantly against the US dollar at the foreign exchange as trade resumed on Monday.
FMDQ data showed that the Naira appreciated N1353.21 per
dollar on Monday from N1,400.4 on Friday.
This represents a N46.83 gain against the dollar compared to
N1,400.4 traded on Friday.
Similarly, in the parallel market, naira gained N20 against
the dollar. It was exchanged at N1400 per dollar compared to N1420 on weekends.
The naira had continued to record fluctuation in the FX
market for months despite the Central Bank of Nigeria’s intervention.
The apex bank, on three occasions from March to date, has
distributed dollars to Bureaux De Change operators to defend the naira in the
FX market.
The Nigerian government at different fora blamed
peer-to-peer cryptocurrency businesses for the naira fluctuation.
On Monday, the Security and Exchange Commission delisted
naira from the crypto market.
In March, Binance, a crypto platform, departed from the
naira market due to regulatory clampdown.
In April, two executives of Binance, Tigran Gambaryan and
Nadeem Anjarwalla (Now at large), were arraigned in Nigeria for tax evasion and
financial fraud.
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