Upon resumption of trade on Monday, the naira saw a significant appreciation against the US dollar in the foreign exchange market.
According to FMDQ data, the naira strengthened to N1353.21 per dollar on Monday, rising from N1,400.4 recorded on Friday.
This translates to a gain of N46.83 compared to the Friday rate of N1,400.4 against the dollar.
Similarly, in the parallel market, the naira experienced a N20 increase against the dollar, with an exchange rate of N1400 per dollar as opposed to N1420 over the weekend.
Despite interventions by the Central Bank of Nigeria, the naira has been witnessing fluctuations in the FX market for several months.
The central bank has intervened three times from March to the present by supplying dollars to Bureaux De Change operators to support the naira in the FX market.
Blaming peer-to-peer cryptocurrency businesses for the naira’s fluctuations, the Nigerian government, at various instances, highlighted this issue.
Furthermore, on Monday, the Securities and Exchange Commission removed the naira from the cryptocurrency market.
In regulatory actions taken earlier, Binance, a cryptocurrency platform, withdrew from the naira market in March.
Additionally, in April, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla (currently at large), faced charges in Nigeria for tax evasion and financial fraud.