Naira depreciation continues against USD at Forex Market days after Binance exit

Days after Binance stopped accepting transactions in Naira, the Naira’s depreciation against the dollar resumed at the end of the official foreign exchange market on Friday.

According to FMDQ data, it fell from N1,602.17 per USD on Monday to N1,627.40 on Friday.

This amounts to a 1.5% or N25.23 depreciation at the official Friday forex market.

Despite a surge in USD transactions at the official market, which is $269.35 million, the depreciation continues.

The Naira lost N93.21 in value last week compared to the N1,534.19 per USD it began trading at on Monday, March 4.

Recall that on Tuesday, Binance declared that, due to the Nigerian government’s ongoing regulatory crackdown, it would cease to trade in Naira on March 8.

On February 21, Nigeria began limiting the activities of Binance and other cryptocurrency platforms on its cyberspace immediately after President Bola Tinubu’s Special Advisor on Information & Strategy, Bayo Onanuga, requested it.

Onanuga claims that cryptocurrency platforms weaken the value of the Naira in the foreign exchange market.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, had earlier expressed regret for Binance’s operations in the nation during the 293rd meeting of the Monetary Policy Committee.

He said that $26 billion had been surreptitiously channeled through Binance.

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