Naira crashes to 1,300 against USD

The Naira is now trading above N1,300 to a United States dollars on the Peer-to-Peer cryptocurrency window on Tuesday.

As it is with many traders, the Nigerian currency is quoted aboveN1,300/$ on the Binance platform.

While the official market is yet to close, details from the FMDQ OTC Securities Exchange revealed that the national currency closed trading at N838.95/$ on Monday.

The naira’s continued fall is happening despite efforts by the government to boost liquidity in the official market. NNPC Limited recently got $2.25 billion of a $3.3 billion oil-for-cash loan facility from the African Export-Import Bank to boost foreign exchange liquidity