Naira Surges Against US Dollar as Trading Resumes to N1353.21 Per Dollar

As trading resumed on Monday, the Nigerian naira experienced a significant appreciation against the US dollar in the foreign exchange market.

Data from FMDQ revealed that the naira strengthened to N1353.21 per dollar, marking a substantial gain from its previous rate of N1,400.4 on Friday. This represents a notable increase of N46.83 compared to Friday’s exchange rate.

Similarly, in the parallel market, the naira saw an improvement of N20 against the dollar, trading at N1400 per dollar compared to N1420 over the weekend.

Despite the Central Bank of Nigeria’s intervention efforts, the naira has been subject to fluctuations in the foreign exchange market for several months. The apex bank has intervened on three occasions since March by supplying dollars to Bureau De Change operators to stabilize the naira.

The Nigerian government has attributed the naira’s volatility to peer-to-peer cryptocurrency activities. Consequently, on Monday, the Securities and Exchange Commission removed the naira from the cryptocurrency market.

In March, Binance, a prominent crypto platform, withdrew from the naira market due to regulatory pressures. Subsequently, in April, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were charged in Nigeria for tax evasion and financial fraud, with Anjarwalla currently at large.

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