As foreign exchange trade began on Monday, the naira appreciated considerably against the US dollar.

According to FMDQ data, the Naira gained to N1353.21 per dollar on Monday, up from N1,400.4 on Friday.

This implies an N46.83 increase versus the dollar, compared to the N1,400.4 transacted on Friday.

Similarly, in the parallel market, the naira rose N20 against the dollar. It was exchanged for N1400 per dollar, compared to N1420 on weekends.

Despite the Central Bank of Nigeria's intervention, the naira has continued to fluctuate in the foreign exchange market for months.

The central bank has provided dollars to Bureaux De Change operators three times since March to safeguard the naira in the foreign exchange market.

The Nigerian government at different fora blamed peer-to-peer cryptocurrency businesses for the naira fluctuation.

On Monday, the Security and Exchange Commission delisted naira from the crypto market.

In March, Binance, a crypto platform, departed from the naira market due to regulatory clampdown.

In April, two executives of Binance, Tigran Gambaryan and Nadeem Anjarwalla(Now at large), were arraigned in Nigeria for tax evasion and financial fraud.