Naira appreciates at forex market
According to DAILY POST, during the weekend, the value of the Naira increased in relation to the US dollar in the alternative foreign exchange market.
According to information obtained by DAILY POST, the value of the national currency moved from N1,800 on Friday to 1,500 and 1,698 per USD on Saturday and Sunday, respectively.
In the unofficial market, the increase on Sunday translates into a N300 or 16.6% gain against the USD.
This event coincides with the release of a new regulatory draft by the CBN targeting Bureau De Change operators, which includes a prohibition on street trading and an increased registration minimum per capital share.
Remember how, in an attempt to stabilise the currency, the Economic and Financial Crimes Commission persisted in its crackdown on Bureau De Change Operators in Abuja and other major cities?
But President Bola Ahmed Tinubu had been warned by Financial Derivatives Company CEO Bismarck Rewane to quit chasing shadows over the EFCC raid on BDC operators.
Peter Obi, the Labour Party's presidential candidate for the general elections in 2023, criticised the EFCC raid on BDCs in connection with the Naira issue.
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