Naira trades N412.88 / $ 1 as CBN Roars at Illegal FX Traders



By Adedapo Adesanya

The Naira appreciated against the greenback on Friday in the Investor and Exporter (I&E) segment of the forex (FX) market as the Central Bank of Nigeria (CBN) said it no longer recognizes exchange rates. exchange listed on the black market and offices. De Change (BDC), threatening to eliminate the activities of illegal FX traders.

At the specialized forex desk, the local currency gained 19 kobo or 0.05 percent against the US dollar to trade at 412.88 N / $ against 413.07 N / 1 for 1 USD on Thursday.

The national currency strengthened yesterday despite a significant increase in demand for foreign currency in the market segment, according to data from the FMDQ Securities Exchange.

Business post concluded that trades valued at $ 229.79 million were made on Friday at the I&E window, unlike the $ 126.96 million reported in the previous session, indicating a jump of 80.9% or 102.83 millions of dollars.

CBN Governor Godwin Emefiele after a Monetary Policy Committee (MPC) meeting yesterday in Abuja, highlighted that the bank does not recognize parallel market rates.

He added that the country’s national lender was the only one in the world to take currencies from the country’s reserve and sell them to exchange bureaus operators (BDCs) in a bid to stabilize rates.

CBN chief noted that this will now become a thing of the past, as will the bank intensifies efforts to shut down the operations of Aboki FX, an exchange rate aggregation website.

Yesterday at the interbank forex market window, the local currency closed flat at 410.57 N / 1.

Meanwhile, in the cryptocurrency market, Bitcoin (BTC) gained 0.8% to trade at N26,765,554.36 while Tron (TRX) traded 5.7% at N62, 85 with Litecoin (LTC) shedding 3.8% to sell at N103,600.02.

In addition, Ripple (XRP) fell 3.5% to N614.49, Dash (DASH) also fell 3.5% to trade at N116,208.10, Cardano (ADA) depreciated by 3.3% at N 1,462.37, Ethereum (ETH) fell 1.2 percent to close at N 1,919,995.28, while Dogecoin (DOGE) lost 0.8 percent to close at N145, 8 N.

During the session, Binance Coin (BNB) closed flat at N152,000, while the US Dollar Tether (USDT) appreciated 1.2% as it sold for N578.99.


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