The naira sank more on Wednesday in the official market, trading at N1,308.52 per dollar. According to data from the FMDQ Exchange’s official trading platform, which administers the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira fell by N8.37.
This marks a 0.64 percent decline compared to the previous trading date on Tuesday, April 23, when it traded at N1,300.15 to the dollar. However, total daily turnover jumped to 197.54 million dollars on Wednesday, up from 133.65 million dollars on Tuesday. Meanwhile, at the Investors and Exporters (I&E) window, the naira traded between N1,367 and N1,098 per dollar.
According to the News Agency of Nigeria (NAN), the Central Bank of Nigeria (CBN) has continued to implement measures that have resulted in continuous naira appreciation until the local currency saw a recent four-day fall.
The Economic and Financial Crimes Commission (EFCC) blocked over 300 accounts linked to illegal forex trading to preserve the safety of the foreign exchange market. EFCC Chairman Ola Olukoyede announced the account freeze on Tuesday at an interactive meeting with media executives in Abuja.
Naira
Olukoyede stated that the anti-graft agency identified a scheme other than Binance and its system.The EFCC chief stated that there were individuals within the system who were engaging in acts worse than Binance on P2P platforms. He said that if the EFCC had not intervened, the 300 unlawful accounts would have caused the naira’s value to plummet, wiping out the steady increases in less than a week. (NAN)
Source: Vanguardngr.com
