Naira appreciates at official market, gains 2.4%

The naira gained at the official market, trading at N1, 278.58 to a dollar on Tuesday.

Data from the official trading platform of the FMDQ revealed that the naira gained N30.81 or 2.35 per cent, compared to the previous trading date on Thursday, March 28, 2024 just before the Easter holiday at the rate of N1,309.39 against the dollar.

However, the total turnover reduced to $111.18 million on Tuesday, down from $857.78 million recorded on Thursday, March 28, 2024.

Meanwhile, at the Investor’s and Exporters’ window, the Naira traded between N1,312.00 and N1,250.00 against the dollar.

The Nigerian government has been pushing hard to redeem the strength of the Naira which was earlier exchanged between 1,600 to 1,800 for one US dollar.

It also pounced heavily on the world’s largest cryptocurrency exchange, Binance.

The Nigerian authorities, including the Central Bank, have blamed the crypto exchange firm for manipulating the forex market and feeding a black market for foreign exchange.

In recent times, the government has cracked down heavily on the activities of the cryptocurrency trading website and also detained its top officials as part of efforts to curb volatility in the forex market.

The presidential spokesman, Bayo Onanuga, explained that the activities of the firm would destroy the Nigerian economy if left alone to operate without government intervention.