Categories: METRO

Naira Value Rises At Exchange Markets As EFCC Continues Traders’ Arrests

The Naira, the national currency of Nigeria, slightly strengthened against the dollar on Wednesday in both the official and parallel foreign exchange (forex) markets.

The value of the Naira was confirmed to have exchanged at N675 to the dollar as opposed to N680 per dollar on Tuesday by bureaux de change operators, or “abokis,” who spoke with newsmen.

They claimed that the FX market had once again become scarce.

According to FMDQ OTC Securities Exchange, a platform that regulates foreign exchange trading in Nigeria, the naira strengthened on the official market by 0.52 percent to close at N428.75 to the dollar yesterday.

Sponsored

The foreign exchange market witnessed appreciation in the past week after the Economic and Financial Crimes Commission (EFCC) raided a BDC hub in Abuja.

The anti-graft agency alleged that some BDC operators were mopping up foreign currencies, especially the dollar, to either hoard or smuggle the funds out of Nigeria.

To check the rising incidence of FX speculation, the EFCC vowed to clamp down on persons and organizations hoarding foreign currencies across key commercial cities such as Kano, Lagos, Port Harcourt, Enugu, and Calabar.

 

SPONSORED
Nobert Okechukwu

Recent Posts

Tinubu’s Economic Reforms Not Responsible For Hunger, Stampede — FG

The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…

2 hours ago

Ohafia Community In Mourning As Trailer Crushes Many Christmas Travelers To Death (Photos, Video)

Ohafia, Abia State, was plunged into mourning on Sunday following a tragic accident involving a…

2 hours ago

After 25 Years, Democracy Yet To Meet Citizen’s Expectations — Bugaje

An Islamic scholar and political activist, Dr. Usman Bugaje, has highlighted the inability of the…

8 hours ago

Tinubu’s 2025 Budget Full Of Unrealistic Expectations, Says SDP’s Adebayo

The presidential candidate of the Social Democratic Party (SDP) in the 2023 general elections, Prince…

10 hours ago

VP Shettima Saddened Over Stampedes That Killed Dozens Of People, Says It’s National Tragedy

Vice President Kashim Shettima has mourned the victims of the recent tragic stampedes that claimed…

10 hours ago

Yuletide: NACA Urges Nigerians To prioritize Their Health, Know Their HIV Status

The National Agency for the Control of AIDS has advised Nigerians to prioritize their health…

11 hours ago