Latest CBN News & Dollar to Naira Update Today 22 February 2024 |Golden News

Latest CBN News & Dollar to Naira Update Today 22 February 2024 can be accessed below..

In this latest update on the Central Bank of Nigeria (CBN) and the Dollar to Naira exchange rate for today 22nd feb 2024 , we delve into the significant developments affecting the Nigerian economy. From the impact of FX crises , cement prices , CBN Restricting Nigerians from accessing Binance, and the challenges faced by the Naira in the foreign exchange market, we cover it all.

Dollar to Naira Black Market Exchange Rate Today 22 Feb 2024

Dollar To Naira	Black Market Rate Today
Buying Rate	₦1,840.00
Selling Rate	₦1,850.00

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The naira has faced significant challenges, including low oil prices, high inflation, and foreign exchange shortages, impacting its value against the dollar.

In this update, we‘ll explore the current official and black market exchange rates for the dollar to naira as of February 22, 2024, and address common questions regarding these rates.

Official Exchange Rate: The Central Bank of Nigeria (CBN) sets the official exchange rate, actively intervening in the foreign exchange market to ensure stability and liquidity. As per the CBN’s latest data, the official exchange rate stands at ₦1605.32 to buy a dollar and ₦1606.32 to sell a dollar.

Black Market Exchange Rate: The parallel or black market operates outside of CBN regulation, where individuals and businesses trade dollars at rates determined by demand and supply dynamics. Typically, the black market rate is higher than the official rate due to the high demand for dollars amidst shortages.

To get the most accurate and up-to-date black market exchange rate, individuals usually refer to local currency traders or financial news platforms specializing in foreign exchange updates. It’s important to note that trading in the black market might involve risks and legal considerations.

FX Manipulation: Nigerians Unable to Access Binance

GoldenNewsNg gathered that the Nigerian government has recently imposed restrictions on access to Binance, the world’s leading cryptocurrency exchange platform.

This move, aimed at curbing currency speculation activities, has disappointed and frustrated Nigerian users. Binance clarified that its platform is not designed for currency pricing, emphasizing its role in cryptocurrency transactions.

Many Nigerians took to social media, particularly X (formerly Twitter), to express their dissatisfaction with being unable to access the Binance website. The Nigerian Communications Commission (NCC) reportedly directed telecom firms to block access to Binance and other cryptocurrency websites. Although the directive was received on Wednesday, there is no specified timeline for its implementation yet, according to a source in the telecom industry.

The government’s decision appears to be motivated by concerns about the manipulation of the foreign exchange market. Before the restriction, Binance’s spot rate was approximately N1,850/$. In response, some users have explored bypassing the restrictions using virtual private networks (VPNs) and web filters.

While the government’s action reflects an attempt to address cryptocurrency-related concerns, it has drawn criticism and raised concerns among Nigerian cryptocurrency enthusiasts. The situation is evolving, and affected users are closely monitoring developments.

Here are some user reactions:

@quintenfahey: “NCC’s restriction on Binance in Nigeria has led to suspension, but users are finding ways to bypass with web filters and VPNs.”
@khadydave: “@binance why is the app not working in Nigeria? Nigerians are panicking. Can you address the issue? @BinanceHelpDesk”
@topgodfather101: “Binance is inaccessible in Nigeria without VPN. The government believes it will strengthen the naira, but critics argue otherwise.”

Binance Responds to Allegations of Forex Rate Manipulation in Nigeria

Binance Nigeria has officially addressed allegations regarding foreign exchange (FX) rate manipulation on its platform, emphasizing its role as a peer-to-peer (P2P) marketplace rather than a currency pricing authority. The company’s statement comes amidst discussions by the Nigerian government on potentially restricting cryptocurrency firms’ operations over concerns of influencing FX rates.

Binance clarified that its platform’s FX rates are shaped by market forces, not by the company’s policies or actions. It operates a market-driven P2P platform, intended not as a price discovery mechanism but as a marketplace for users.

The statement also highlighted measures Binance takes to safeguard users and ensure market integrity, such as automatic pauses during significant currency movements and continuous market surveillance to eliminate abnormal prices. Binance reassured its users about the security of their funds and the operational stability of its P2P service.

In response to the fluctuating foreign exchange rates, Binance stressed that these rates are affected by a complex array of factors outside its control. The company is committed to transparent engagement with regulators and stakeholders to navigate the evolving cryptocurrency and financial markets landscape.

Binance’s commitment to providing a secure, market-driven platform was reiterated, alongside its dedication to user protection and data confidentiality. The company urged the community to remain confident amidst the dynamic market conditions and expressed gratitude for their continued support.

This response is in light of the Association of Bureaux De Change Operators of Nigeria’s (ABCON) calls to suspend Binance’s operations in Nigeria, citing impacts on the naira’s stability. Binance remains focused on facilitating a fraud-free and manipulation-free trading environment for its users.

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