BREAKING: Naira Appreciates By Over Two Hundred Naira Following Tinubu’s Directive To Block Binance, OctaFX, Others

BREAKING: Naira Appreciates By Over Two Hundred Naira Following Tinubu’s Directive To Block Binance, OctaFX, Others

Written By Oshiobugie John

In a significant move on Wednesday, the Nigerian government took decisive action to block several online platforms, including Binance and other crypto firms, aiming to quell ongoing manipulation of the forex market and curb illicit movement of funds. READ ALSO

TRENDING: BREAKING: Nigerian Government Led By President Tinubu Blocks Binance, OctaFX, Coinbase, And Others Amid Forex Crisis – BushRadio (bushradiogist.com)

The blockage extended beyond Binance to encompass platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken, among others.

In response to this bold governmental action, the Naira has exhibited a remarkable positive trend, appreciating against major currencies in both the parallel market and CBN rates.

– 1 USD ⇛ ₦1,789.660     – 1 GBP ⇛ ₦2,214.104     – 1 EUR ⇛ ₦1,896.519   – 1 CAD ⇛ ₦1,304.836

Furthermore, the Nigerian government unveiled plans to raise $10 billion to bolster liquidity in the foreign exchange market, a revelation made by President Bola Tinubu during the inaugural Public Wealth Management Conference in Abuja. This initiative seeks to optimize the management of the Federal Government’s assets and investments, unlocking their revenue potential.

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