The Naira appreciates massively against the dollar

The naira appreciated significantly against the US dollar at the foreign exchange as trade resumed on Monday.

FMDQ data showed that the Naira appreciated to N1353.21 per dollar on Monday from N1,400.4 on Friday.

This represents a N46.83 gain against the dollar compared to N1,400.4 traded on Friday.

Similarly, in the parallel market, the naira gained N20 against the dollar. It was exchanged at N1400 per dollar compared to N1420 on weekends.

The naira had continued to record fluctuations in the FX market for months despite the Central Bank of Nigeria’s intervention.

The apex bank, on three occasions from March to date, has distributed dollars to Bureaux De Change operators to defend the naira in the FX market.

The Nigerian government at different forums blamed peer-to-peer cryptocurrency businesses for the naira fluctuation.

On Monday, the Security and Exchange Commission delisted naira from the crypto market.

In March, Binance, a crypto platform, departed from the naira market due to regulatory clampdown.

In April, two executives of Binance, Tigran Gambaryan and Nadeem Anjarwalla (Now at large), were arraigned in Nigeria for tax evasion and financial fraud.