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NAIRA
Crypto trading platform, Binance, it has taken some actions to adjust trading on its platform by Nigerians to address what it described as an unusual currency movement.
The foreign exchange turnover saw a significant rise of 76.61% to $117.32 million, coinciding with naira's strengthening against the dollar.
The Naira experienced a sharp depreciation against the US dollar on February 19, 2024, reaching an intra-day high of N1,712.
By now you would have come to the painful realisation that running Nigeria is not an emilokan thing. Parading a score card that is worse than my score card when I was kicked out of Command has put you in a very delicate position. Nigeria has happened to you.
A significant number of investors are already discouraged from investing in Nigeria, the largest frontier market on the continent.
The Naira experienced a decline against the US Dollar in the official market, closing the week at N1,537.96/$1, amidst persistent demand pressures that continued to undermine the currency's value.
As the value of the naira erodes on an almost daily basis, economists warn that the trend will affect the savings culture of Nigerians, and ultimately, impact the economy negatively.
The Naira has reached a historic peak against the US dollar, hitting N1,607 in intra-day trading on February 15, 2024.
The intra-day high reached a peak of N1,582 against the US dollar on Wednesday, accompanied by a notable decline in forex turnover, which fell by 56.58% to $117.87 million.
The haven currency traded near three-month highs to major peers on Wednesday giving the naira little room to maneuver as forex traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures overnight.
The forex turnover witnessed a notable increase of 202.97%, reaching $271.50 million, as the Nigerian naira made gains against the dollar in the official market on Tuesday, February 13th, 2024.
The Naira has lost about 68% of its value, marking a profound downturn since the implementation of the foreign exchange unification policy, according to data from Nairalytics.