The Naira strengthens against the USD in the forex market amid increased regulatory measures on Binance.

The Naira has resumed its upward trend against the US dollar in the foreign exchange market following restrictions on Binance, a cryptocurrency platform. According to FMDQ data, the Naira appreciated to N1,609.51 at Wednesday’s close, up by N6.43 or 0.4% from Tuesday’s closing rate of N1,615.94.

On Wednesday, the Naira was exchanged at N1,500 per USD in the parallel market, a significant shift from Tuesday’s rate of N1,618.489.

Naira Rates indicated an appreciation to 1,463.098 per USD. This led to a substantial selloff in the Binance Market. Notably, the Naira had been on an upward trajectory on Monday but experienced a slight depreciation against the USD on Tuesday.

Following the 293rd Monetary Policy Committee meeting on Tuesday, the Central Bank of Nigeria governor, Olayemi Cardoso, reiterated his commitment to strengthening the Naira in the forex market.

The Central Bank of Nigeria declared the recommencement of direct foreign exchange sales to eligible Bureau De Change Operators.