Naira appreciates against US dollar at forex market

In the foreign exchange market, the value of Naira has increased in relation to the US dollar despite Binance, a cryptocurrency platform, being restricted.

The Naira strengthened from N1,615.94 on Tuesday to N1,609.51 at the close of trading on Wednesday, according to data from FMDQ.

In comparison to the N1,615.94 reported at the close of Tuesday's trading, this indicates an appreciation of N6.43, or 0.4 percent.

On the parallel market, the Naira traded for N1,500 per USD on Wednesday, down from N1,618.489 on Tuesday.

The Naira strengthened to 1,463.098 per USD on Wednesday, according to Naira Rates, the parallel market currency rate.

The Binance Market saw a significant selloff as a result of the development.

Naira maintained its upward trend on Monday, according to the DAILY POST.

But on Tuesday, it lost value in relation to the US dollar for the first time since last week.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, reaffirmed his resolve to fortify the Naira versus the US dollar in the foreign exchange market at the conclusion of the 293rd Monetary Policy Committee meeting on Tuesday.

The CBN had notified qualified Bureau De Change Operators that direct foreign exchange sales would once again begin.

Source