Nov 14 (Lagos) - The Naira has strengthened in the parallel markets according to reports that after EFCC crackdown on local forex traders who were hoarding Dollars in the hope of further decline in Naira. Naira is said to have crossed 900 to $1 levels earlier this month before EFCC took action.
Some people also claimed that the CBN's decision to re-design the Naira notes also drove the sharp decline in Naira to Dollar rates but those theories seem to have been proven wrong at this time.
CBN for its part has finally started making right its policy decisions like increasing its key benchmark lending rate which leads to strength in the local currency as people are incentivized to save and invest in local currency once again.
The US Dollar meanwhile is strengthening against a basket of major currencies as a result of geo-political issues and the US Federal Reserve sharply raising its key benchmark lending rate.
In the world of Bitcoin, a major crypto currency exchange FTX collapsed last week and declared bankruptcy. The founder of FTX used to be seen with former US Presidents, media personalities and counted the world's top rated venture funds among its investors. The coming week will show how deep the contagion from the collapse of FTX exchange will affect other major crypto exchanges like Coinbase, crypto.com and Binance.
Bitcoin was trading at just above $ 16,000 levels at the time of writing this article.
reporting for easykobo.com on Sunday, November 14 2022 from Lagos, Nigeria