Naira appreciates against USD at forex market amid Binance clampdown

Naira has returned to its appreciation against the US dollar in the foreign exchange market amid the restriction of Binance, a cryptocurrency platform.

Data from FMDQ showed that the Naira appreciated N1,609.51 at the close of trading on Wednesday from N1,615.94 on Tuesday.

This represents an N6.43 or 0.4 per cent appreciation compared to the N1,615.94 recorded at the closing of Tuesday’s trading.

Meanwhile, the Naira exchanged for N1,500 per USD on Wednesday at the parallel market from N1,618.489 on Tuesday.

Naira Rates, the parallel market exchange rate, showed that the Naira appreciated 1,463.098 per USD on Wednesday.

The development triggered a massive selloff at the Binance Market. Naira had continued its appreciation trend on Monday.

However, it depreciated against the USD on Tuesday for the first time since last week. At the end of Tuesday’s 293rd Monetary Policy Committee meeting, the Central Bank of Nigeria governor, Olayemi Cardoso, reiterated his commitment to strengthen the Naira against USD at the forex market.

The CBN had announced the resumption of foreign exchange sales directly to eligible Bureau De Change Operators.