The foreign exchange market in Nigeria is currently experiencing significant movements in the local currency, the Naira. Recent data from the official FMDQ exchange platform shows a loss of ₦8.37, indicating a decrease of 0.64% compared to the previous session, with the Naira trading at ₦1,300.15 to the dollar.
There has been an uptick in the total daily trading volume, reaching $197.54 million on Wednesday, up from the previous day’s $133.65 million. In the Investor and Exporter (I&E) window, the Naira fluctuated between ₦1,367 and ₦1,098 against the dollar.
While the Central Bank of Nigeria (CBN) continues its reforms leading to a steady appreciation of the Naira, the local currency recently faced a decline over four consecutive days. To support the CBN’s efforts, the Economic and Financial Anti-Corruption Commission (EFCC) has taken action by freezing over 300 accounts associated with illicit foreign exchange transactions to safeguard the forex market.
During a media briefing in Abuja, EFCC Chairman Ola Olukoyede disclosed the freezing of accounts and highlighted the existence of a separate illicit scheme unrelated to the Binance cryptocurrency trading platform. He emphasized that some individuals are engaging in even more nefarious activities than Binance through P2P platforms.
This development underscores the vital necessity of vigilance and regulation in the foreign exchange market to uphold its stability and integrity. Authorities must persist in implementing reforms and implementing effective measures to protect the local currency and deter illicit activities in the financial sector.
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