Naira Faces 2 New Threats As Dollar Value Rises in Official and Unofficial Markets
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The Nigerian currency, the Naira, has depreciated in the official and unofficial foreign exchange markets due to the re-emergence of currency speculators using two cryptocurrency platforms, BYBIT and BITGET. The Naira weakened by 1.4% against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) and by N30 against the dollar in the unofficial markets. The recent fall of the Naira has been attributed to the return of forex speculators who rushed to crypto platforms to drive up the dollar's value for gains. There are calls on social media for the Nigerian government to stop the operations of these peer-to-peer crypto platforms to prevent further depreciation of the Naira. Vice President Kashim Shettima is optimistic that the Naira will regain its status as a strong currency.

#Naira #Dollar #Cryptocurrency #ForeignExchangeMarkets #Speculators

https://www.legit.ng/business-economy/money/1588876-nigerian-government-identify-threats-naira-dollar-rises-fx-markets/