Naira Struggles Despite CBN’s Intervention, Dollar Dominates Forex Market

Despite a hefty injection of $10,000 into Bureau De Change operations by the Central Bank of Nigeria, the Naira sees no relief in its battle against the mighty Dollar. FMDQ data reveals a staggering drop to N1308.52 per Dollar, marking the Naira’s sixth recent slump against its US counterpart.

Shockingly, even with the CBN’s intervention, the Naira fails to gain ground, sparking concerns across the financial spectrum. Parallel market rates soar between N1,250 and N1,300, painting a grim picture for the nation’s currency.

Blame Game Escalates: Aminu Gwadabe, the National President of the Association of Bureau De Change Operators of Nigeria, points fingers at cryptocurrency platforms like Binance for exacerbating the Naira’s woes. Is this the real culprit behind the Naira’s relentless downfall?

As the Naira struggles to regain its strength, the nation watches anxiously, hoping for a turnaround in its fortunes.