Nigeria Clamps Down on Forex Traders Amid Persistent Naira Woes
- Officials are taking a number of steps to stem currency fall
- Presidential aide says crypto sites banned for hurting naira
A street currency dealer in Lagos, Nigeria.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria rounded up foreign currency street traders and took aim at a popular crypto trading platform in its latest effort to stem the free-fall of the naira.
The currency has declined sharply this week on the unofficial market — at one point on Thursday touching 1,900 to the dollar — widening its discount to the naira’s official rate and frustrating government efforts to unify the two.