Trade resumed on Monday, and the naira saw a big increase vs the US dollar at the foreign exchange.
The Naira strengthened from N1,400.4 per dollar on Friday to N1353.21 per dollar on Monday, according to FMDQ statistics.
In comparison to N1,400.4 exchanged on Friday, this indicates a gain of N46.83 against the dollar.
Likewise, the naira appreciated N20 against the dollar on the black market. On weekdays, the exchange rate was N1420 per dollar, but it was only N1400.
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Despite the intervention of the Central Bank of Nigeria, the naira had been experiencing volatility in the foreign exchange market for several months.
In an effort to support the naira in the foreign exchange market, the apex bank has given dollars to Bureaux De Change operators three times since March.
Peer-to-peer cryptocurrency businesses have been accused by the Nigerian government for the naira’s fluctuations in several forums.
The Security and Exchange Commission removed the naira from the cryptocurrency market on Monday.
31 March 2022: See How Much Naira Exchange To Dollar Today
A regulatory crackdown caused cryptocurrency company Binance to withdraw from the naira market in March.
Tigran Gambaryan and Nadeem Anjarwalla, two executives of Binance who are currently at large, were charged with tax evasion and financial fraud in Nigeria in April.
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