The naira appreciated significantly against the US dollar at the foreign exchange as trade resumed on Monday.
The Naira strengthened from N1,400.4 per dollar on Friday to N1353.21 per dollar on Monday, according to FMDQ statistics.
In comparison to N1,400.4 exchanged on Friday, this indicates a gain of N46.83 against the dollar.
Similarly, naira gained N20 against the dollar in the parallel market. It was exchanged at N1400 per dollar compared to N1420 on weekends.
The naira had continued to record fluctuation in the FX market for months despite the Central Bank of Nigeria’s intervention.
The apex bank, on three occasions from March to date, has distributed dollars to Bureaux De Change operators to defend the naira in the FX market.
The Nigerian government at different fora blamed peer-to-peer cryptocurrency businesses for the naira fluctuation.
On Monday, the Security and Exchange Commission delisted naira from the crypto market.
In March, Binance, a crypto platform, departed from the naira market due to regulatory clampdown.
In April, two executives of Binance, Tigran Gambaryan and Nadeem Anjarwalla(Now at large), were arraigned in Nigeria for tax evasion and financial fraud.
