Naira has rebounded against the US dollar in the foreign exchange market following the restriction of Binance, a cryptocurrency platform.
According to data from FMDQ, the Naira appreciated by N1,609.51 at the close of trading on Wednesday, up from N1,615.94 on Tuesday, marking a 0.4% increase compared to the previous day.
Furthermore, the Naira traded at N1,500 per USD on Wednesday in the parallel market, a significant increase from N1,618.489 on Tuesday.
The parallel market exchange rate, Naira Rates, indicated that the Naira appreciated to 1,463.098 per USD on Wednesday.
As a result of these changes, there was a significant selloff in the Binance Market.
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