Crypto Platforms Clampdown: Naira Surges to N1,700/$1 At The Parallel Market

In a recent turn of events, the naira witnessed a significant gain against the US dollar in the parallel market yesterday, soaring to N1,700. This surge followed the apprehension in the parallel market operators across the country. In contrast, the official exchange rate at the Nigerian Autonomous Foreign Exchange (NAFEM) depicted a different story, with the naira depreciating to N1,571.31/$1, marking a loss of N28.73 compared to its Wednesday closing rate of N1,542.58/$1. The parallel market also saw the naira witness a substantial gain to N1,700, adding N220 in one day compared to N1,920/$1 it exchanged on Wednesday.  Notably, yesterday a daily turnover of $192.25 million an increase of 11.68 percent compared to $172.14 million recorded the previous day. The highest spot rate recorded yesterday was N1,851 while the lowest spot rate recorded on the day was N1,300.