{"id":20763,"date":"2024-03-07T07:02:46","date_gmt":"2024-03-07T07:02:46","guid":{"rendered":"https:\/\/nigerdeltanews.ng\/naira-depreciation-usd-supply-drops-by-42-at-forex-market-despite-binance-exit\/"},"modified":"2024-03-07T07:02:46","modified_gmt":"2024-03-07T07:02:46","slug":"naira-depreciation-usd-supply-drops-by-42-at-forex-market-despite-binance-exit","status":"publish","type":"post","link":"https:\/\/nigerdeltanews.ng\/naira-depreciation-usd-supply-drops-by-42-at-forex-market-despite-binance-exit\/","title":{"rendered":"Naira depreciation: USD supply drops by 42% at forex market despite Binance exit"},"content":{"rendered":"<div>\n<p>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<p>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<p>The figure represents a $122.76 reduction in USD supply compared to $291.74 on Tuesday.<\/p>\n<p>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<p>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<p>The Nigerian Government had blamed Binance for the continued forex crisis in the country.<\/p>\n<p>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<p>Naira depreciation: USD supply drops by 42% at forex market despite Binance exit<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days&hellip;<\/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"],"_links":{"self":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/20763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/comments?post=20763"}],"version-history":[{"count":0,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/posts\/20763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media\/20764"}],"wp:attachment":[{"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/media?parent=20763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/categories?post=20763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigerdeltanews.ng\/wp-json\/wp\/v2\/tags?post=20763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}