Breaking News
Naira loses 0.64%, exchanges for N1,350/$ at official market
According to the News Agency of Nigeria (NAN), the Central Bank of Nigeria (CBN) maintained continuous reforms that resulted in a consistent appreciation of the naira up until the current four-day dip in the value of the local currency.
On Wednesday, the naira lost even more value on the official market, closing at N1,308.52 to the US dollar. The Naira dropped N8.37, according to data from the FMDQ Exchange, the official trading platform that regulates the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Compared to the previous trading date on Tuesday, April 23, when it traded at N1,300.15 to the dollar, this is a 0.64 percent loss.
But on Wednesday, the overall daily turnover rose even more, from 133.65 million dollars on Tuesday to 197.54 million dollars.
In the meantime, the value of the naira against the dollar fluctuated between N1,367 and N1,098 during the Investors and Exporters (I&E) window.
According to the News Agency of Nigeria (NAN), the Central Bank of Nigeria (CBN) maintained continuous reforms that resulted in a consistent appreciation of the naira up until the current four-day dip in the value of the local currency.
In order to protect the foreign exchange market, the Economic and Financial Crimes Commission (EFCC) backed the CBN’s actions by freezing over 300 accounts connected to illegal FX trading.
During a Tuesday interactive meeting with media executives in Abuja, EFCC Chairman Ola Olukoyede declared the accounts’ freeze.
Olukoyede stated that in addition to Binance and its system, the anti-graft agency uncovered another fraud.
The head of the EFCC pointed out that some users of P2P networks were engaging in acts that were worse than those of Binance.
He said the 300 illicit accounts would have led to a crash of the naira value to remove the steady gains within a week if the EFCC had not moved in.
NAN
