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July 25, 2024

Naira continues to slump against dollar despite CBN’s intervention

The naira has continued its depreciation against the US dollar for the fifth time despite the Central Bank of Nigeria’s sale of foreign currencies to legitimate Bureau De Change operators.

FMDQ data showed that the naira dropped to N1,300.15 per dollar on Tuesday from N1,234.49 traded on Monday.

The figure represents N65.66 (5 per cent) loss compared to the N1,234.49 it exchanged for on Monday.

DAILY POST recalls that on Tuesday, the apex bank sold 10,000 dollars each to BDC at N1,021 per dollar.

This is the third recent intervention for BDCs amid the bank’s effort to defend the naira.

On Tuesday, the Economic and Financial Crime Commission, EFCC, said it had frozen about 300 accounts on a cryptocurrency platform to ensure the safety of the foreign exchange market.

Earlier, the anti-graft agency continued its clampdown on Binance and other cryptocurrency platforms blamed for manipulating the country’s foreign exchange market.

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