In a notable turn of events, the Nigerian Naira has resumed its upward trajectory against the US dollar in the foreign exchange market, even in the face of restrictions imposed on Binance, a leading cryptocurrency platform.
Data sourced from FMDQ revealed that the Naira witnessed a significant appreciation, closing at N1,609.51 on Wednesday, marking a notable increase from the previous day’s close of N1,615.94. This translates to a commendable 0.4 per cent appreciation compared to Tuesday’s figures.
Simultaneously, at the parallel market, the Naira exchanged at N1,500 per USD on Wednesday, showcasing a remarkable improvement from the previous day’s rate of N1,618.489. Naira Rates, reflecting the parallel market exchange rate, highlighted the Naira’s robust performance at 1,463.098 per USD on Wednesday.
This positive movement in the Naira’s value prompted a surge in selling activity within the Binance Market.
It’s worth noting that the Naira had sustained its appreciation trend on Monday but experienced a slight depreciation against the USD on Tuesday, marking its first decline since the previous week.
Following the conclusion of the 293rd Monetary Policy Committee meeting on Tuesday, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, reiterated the institution’s unwavering commitment to bolstering the Naira’s strength against the US dollar in the forex market.
Despite the challenges posed by Binance’s restrictions, the resilience of the Naira underscores the confidence in Nigeria’s currency and the proactive measures being taken to maintain stability in the forex market.
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