Crackdown on Forex and Crypto Trading in Nigeria Affects Naira to US Dollar (NGN/USD) Exchange Activity

In a recent clampdown, Nigerian authorities apprehended street vendors dealing in foreign exchange while also targeting a renowned cryptocurrency exchange platform, as part of measures to arrest the naira’s rapid depreciation.

Experiencing a steep decline on the parallel market this week, the naira hit a low at one stage on Thursday, trading at 1,900 against the dollar. This exacerbates the disparity between the naira’s street value and its official exchange rate, complicating the government’s objective to bridge the gap between the two rates.