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| Naira’s Significant Gain Against the Dollar in Forex Markets |
In the parallel market as well, the naira experienced a N20 gain against the dollar, trading at N1400 per dollar compared to N1420 during the weekend.
The naira saw a notable appreciation against the US dollar in the foreign exchange market as trading commenced on Monday.
According to FMDQ data, the naira strengthened to N1353.21 per dollar on Monday, up from N1,400.4 on Friday, marking a gain of N46.83 against the dollar from the previous trading session.
In the parallel market as well, the naira experienced a N20 gain against the dollar, trading at N1400 per dollar compared to N1420 during the weekend.
Despite months of fluctuations in the FX market, the Central Bank of Nigeria has made efforts to stabilize the naira, including distributing dollars to Bureaux De Change operators on three separate occasions since March.
The Nigerian government has often cited peer-to-peer cryptocurrency transactions as a factor in the naira's volatility.
Recently, the Security and Exchange Commission removed the naira from the cryptocurrency market on Monday.
Earlier in March, the cryptocurrency exchange Binance withdrew from the naira market following regulatory pressures.
Furthermore, in April, Binance executives Tigran Gambaryan and Nadeem Anjarwalla (currently at large) faced legal charges in Nigeria related to tax evasion and financial fraud.
