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Naira Gains Ground Against US Dollar on Binance Platform

by Vicky Oselumese
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Naira Gains Ground Against US Dollar on Binance Platform

The Nigerian currency, the naira, experienced a significant gain against the US dollar on the popular cryptocurrency platform, Binance. On Wednesday, February 28, 2024, the dollar crashed on the platform, with a selling rate of N1,415 per dollar, compared to the previous day’s rate of N1,606 per dollar.

This development comes in the wake of a recent statement by the governor of the Central Bank of Nigeria (CBN), revealing that approximately $26 billion had passed through Binance Nigeria within a year. The increased activity on the platform has likely contributed to the fluctuation in exchange rates.

Data from Binance shows that the dollar crash occurred around 8 am, prompting traders to engage in sell-offs. Some traders even quoted rates above N1,500 per dollar as trading intensified. This sudden shift in the exchange rate highlights the volatility of the cryptocurrency market and its impact on traditional currencies.

The naira’s rally against the US dollar on the Binance platform is seen as a positive sign for the Nigerian economy. The CBN’s ongoing reforms and efforts to stabilize the currency have likely contributed to this upward trend. However, it is important to note that the exchange rate on cryptocurrency platforms may differ from the official rates set by the CBN.

This article was updated 2 months ago

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