Naira Slides Further Against Dollar as Official Market Records Exchange Rate of N1,308.52

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The Nigerian naira witnessed a continued depreciation on Wednesday, trading at N1,308.52 against the dollar at the official market. Data sourced from the FMDQ Exchange, the regulatory body overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a significant drop of N8.37 in the value of the naira, representing a 0.64% loss compared to the previous trading session on Tuesday.

Despite the currency’s decline, the total daily turnover surged to $197.54 million on Wednesday, marking a substantial increase from the $133.65 million recorded the day before. At the Investor’s and Exporter’s (I&E) window, the naira fluctuated between N1,367 and N1,098 against the dollar, reflecting the volatility in the foreign exchange market.

The Central Bank of Nigeria’s (CBN) ongoing reforms, which had previously led to a stable appreciation of the naira, faced challenges as the local currency experienced a recent downward trend over four consecutive days. In a bid to safeguard the foreign exchange market, the Economic and Financial Crimes Commission (EFCC) took proactive measures by freezing over 300 accounts linked to illicit forex trading.

During an interactive session with media executives in Abuja, EFCC Chairman Ola Olukoyede disclosed the agency’s discovery of illicit activities beyond the crypto trading platform, Binance, involving P2P platforms. Olukoyede emphasized that the nefarious activities in the 300 frozen accounts posed a significant threat to the stability of the naira and could have precipitated a rapid devaluation if left unchecked.

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