The Naira strengthened against the US dollar on the alternative foreign currency market over the weekend.
The country’s currency was reported to have changed from N1,800 on Friday to 1,500 and 1,698 per USD on Saturday and Sunday, respectively.
In the unofficial market, the increase on Sunday translates into a N300 or 16.6% gain against the USD.
This event coincides with the release of a new regulatory draft by the CBN targeting Bureau De Change operators, which includes a prohibition on street trading and an increased registration minimum per capital share.
Remember how, in an attempt to stabilize the currency, the Economic and Financial Crimes Commission persisted in its crackdown on Bureau De Change Operators in Abuja and other major cities?
But President Bola Ahmed Tinubu had been warned by Financial Derivatives Company CEO Bismarck Rewane to quit chasing shadows over the EFCC raid on BDC operators. [CONTINUE READING HERE]
DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshreporters@gmail.com
Join Other Great Readers, FOLLOW us On WHATSAPP>> https://chat.whatsapp.com/DN0y4bGIbVI4II6aNcPssb
Join Other Great Readers On TELEGRAM>> https://t.me/freshreporters
For Advert and other info, Click this link to send a Message to the Admin https://freshreporters.com/advertise/