Naira Appreciates Massively Against Dollar

The Nigerian naira witnessed a significant appreciation against the US dollar as trading resumed on Monday, marking a positive turn in the foreign exchange market.

Naija News reports that data from the FMDQ revealed that the naira strengthened to ₦1,353.21 per dollar on Monday, compared to ₦1,400.4 recorded on Friday.

This indicates an impressive gain of ₦46.83 against the dollar within the trading period.

Similarly, in the parallel market, the naira showed resilience by gaining ₦20 against the dollar, with an exchange rate of N1,400 per dollar, compared to ₦1,420 over the weekend.

Despite continuous fluctuations in the foreign exchange market, attributed to various factors including economic policies and external influences, the Central Bank of Nigeria (CBN) has remained proactive in stabilizing the naira.

The CBN’s interventions, particularly through the distribution of dollars to Bureau De Change operators, have aimed to bolster the local currency’s value.

In recent months, the Nigerian government has blamed peer-to-peer cryptocurrency businesses for exacerbating the naira’s volatility. As part of regulatory measures, the Security and Exchange Commission (SEC) on Monday delisted the naira from the crypto market.

This move followed Binance’s withdrawal from the naira market in March due to regulatory pressures.

Furthermore, in April, two executives of Binance, Tigran Gambaryan and Nadeem Anjarwalla, faced legal action in Nigeria for alleged tax evasion and financial fraud. Anjarwalla is currently at large.