The federal government of Nigeria has cracked down on Binance and other cryptocurrency companies for alleged forex market manipulation, prompting restrictions.
Naira recorded a poor performance against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) and unofficial forex markets.
The value of the Naira recovered against the US dollar in both the official and black markets after falling to its lowest in history at the start of the new week.
The International Monetary Fund (IMF) has issued a warning to the federal government regarding the naira exchange rate and the necessary measures to prevent it.
Once again, the Central Bank of Nigeria has increased Customs import duty exchange rate by N133 leading businesses with more headaches and Peter Obi has reacted.