Politics
Jubilation As Naira Goes On An Appreciation Spree Against Major Currencies, Surging Massively After President Tinubu’s Directive To Block Binance, OctaFX, and Others
Jubilation As Naira Goes On An Appreciation Spree Against Major Currencies, Surging Massively After President Tinubu’s Directive To Block Binance, OctaFX, and Others....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
On the 21st of this month, the Federal Government, under President Tinubu’s leadership, took decisive action to block several online platforms, including Binance and other crypto firms, in a bid to quell ongoing manipulation of the forex market and curb illicit movement of funds. READ FULl ARTICLE HERE
This 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 over the past three days.
1 USD ⇛ ₦1,698.278
1 GBP ⇛ ₦2,089.340
1 EUR ⇛ ₦1,785.408
1 CAD ⇛ ₦1,227.822
Just the previous day, the Naira to major currencies was pegged at:
1 USD ⇛ ₦1,719.790
1 GBP ⇛ ₦2,184.885
1 EUR ⇛ ₦1,853.710
1 CAD ⇛ ₦1,280.295
However, on the 22nd of this month, which was less than ten hours after the directive was issued by President Tinubu’s government, the Naira to major currencies surged:
– 1 USD ⇛ ₦1,789.660
– 1 GBP ⇛ ₦2,214.104
– 1 EUR ⇛ ₦1,896.519
– 1 CAD ⇛ ₦1,304.836
Additionally, while 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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