Despite the Central Bank of Nigeria’s continuous sale of foreign currencies to legitimate Bureau De Change operators, the naira has faced its fifth consecutive depreciation against the US dollar.
According to FMDQ data, on Tuesday, the naira’s value dropped to N1,300.15 per dollar, down from N1,234.49 traded on Monday.
This indicates a loss of N65.66 (5 percent) compared to its Monday exchange rate.
On Tuesday, the CBN sold 10,000 dollars each to BDCs at N1,021 per dollar, marking its third recent intervention to support the naira.
The Economic and Financial Crime Commission (EFCC) also made moves to safeguard the foreign exchange market by freezing approximately 300 accounts on a cryptocurrency platform.
Prior to this, the EFCC had been cracking down on Binance and other cryptocurrency platforms accused of manipulating the country’s foreign exchange market.