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The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days after Binance announced the existence of the Nigerian exchange market.<\/p>\n

FMDQ data showed that the turnover of USD plunged on Wednesday to $168.98 at the close of work from $291.74 on Tuesday.<\/p>\n

The figure represents a $122.76 reduction in USD supply compared to $291.74 on Tuesday.<\/p>\n

The development had led to a consecutive drop in Naira at the official forex market to 1,605.74 per USD on Wednesday and N1,602.43 the previous day.<\/p>\n

Recall that on Monday, Binance informed users that any remaining NGN balances would be automatically converted to Tether, USDT stablecoin after March 8 amid a regulatory clampdown by the Nigerian Government.<\/p>\n

The Nigerian Government had blamed Binance for the continued forex crisis in the country.<\/p>\n

However, despite the regulatory move against Binance and other cryptocurrency platforms, Africa\u2019s populous country\u2019s FX crisis has yet to be resolved.<\/p>\n

Naira depreciation: USD supply drops by 42% at forex market despite Binance exit<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days…<\/p>\n","protected":false},"author":1,"featured_media":20764,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11083,4161,5175,11861,15],"tags":[11084,519,11862,5176,2691,943,180],"class_list":["post-20763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","category-business","category-forex-market","category-naira-depreciation","category-news","tag-binance","tag-business","tag-depreciation","tag-forex","tag-market","tag-naira","tag-news"],"yoast_head":"\n