- The presidency has stated that the improvement is the fruit of the clampdown on cryptocurrency platforms such as Binance
- The naira in the last few days have recorded strong performance in both the official and unofficial forex markets
- The new rate, which is now nearing N1,300 per dollar, has offered renewed hope among Nigerians regarding the currency
Legit.ng journalist Dave Ibemere has over a decade of business journalism exprience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The presidency believes that the clampdown on some cryptocurrency trading platforms has helped the naira stabilise in the foreign exchange markets.
Ajuri Ngelale, the special adviser to the president on media and publicity, stated this while speaking to journalists in Abuja on Friday, March 22, 2024, in reaction to the naira exchanging close to N1,300 per dollar.
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“Buy Nigerian goods”: Tinubu moves to strengthen naira as he clampdown on crypto platforms
Photo credit: Presidency
Source: Getty Images
Legit.ng reported earlier that the Nigerian government accused cryptocurrency trading platforms of manipulating the value of the naira in the forex market.
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After that, the government launched a clampdown on trading platforms, especially Binance.
FG on naira
Ngelale noted that the clampdown on cryptocurrency trading platforms is “yielding fruits”.
He also revealed that President Bola Tinubu has approved several interventions to strengthen the naira further.
His words:
“We want every naira and kobo we earn to be more valuable, not just here but when we travel abroad.
“The president has approved series of intervention to actualise mass strengthening of the naira against all other global currencies”
Ngelale further urged Nigerians to report any sharp practices in the foreign exchange market and buy made-in-Nigeria products to strengthen the naira, the Cable reports.
He added:
“Mr President appeals to Nigerians to actively and intentionally make the decision, everyday to patronise made-in-Nigeria products and services across the board.
He also wants to ensure that Nigerians fully understand that the momentum that we are now seeing, with respect to the strengthening of our currency, will not slow down.
FG on cryptocurrency
Ngelale also said that the federal government has its searchlight beamed on cryptocurrency activities in Nigeria.
He stressed that the federal government is determined to end the fraud in cryptocurrency trading and the foreign exchange market.
He noted:
“The efforts that Mr President has put in place with collaboration with other agencies of government, as well as the Central Bank of Nigeria, in dealing decisively with sharp practices on certain cryptocurrency trading platforms and sharp practices within the parallel market of the foreign exchange ecosystem are now yielding fruits.”
Naira to dollar exchange rate nears N1,300/$
Earlier, Legit.ng reported that there are indications that the naira might soon strengthen to N1,300/$.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) shows the official traders sold the dollar at N1,382.35 on Thursday, March 21.
While on the peer-to-peer platform, the exchange rate was N1,200 for USDT.
Source: Legit.ng
