Cryptocurrency Companies Affecting Naira's Performance Against Dollar? Lawyer Reacts

• The naira's performance against the dollar in the forex has been commended by Okanlawon Gaffar in a chat with Legit.ng
• Gaffar told Legit.ng that the government of the day needed to sustain the policy on the ground and monitor the Bureau de Change for the naira to continue to gain its strength
• According to Gaffar, the notion that the cryptocurrency operators in the country are responsible for the strength of the dollar against the naira was condemnable

Legit.ng journalist Bada Yusuf is an accomplished politics and current affairs editor, boasting over seven years of experience in journalism and writing.

The recent performance of the naira against the dollar at the forex market has been commended by an influential legal practitioner, Okanlawon Gaffar.

Gaffar in an exclusive interview with Legit.ng commended the policies of the Central Bank of Nigeria (CBN) in stabilising the local currency and called for sustainable efforts to keep the growth of the naira against the dollar.

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However, the legal icon disagreed with the federal government's position that some cryptocurrency companies operating in the country were behind the dollar's growing strength against the naira.

According to the barrister, the government needed to devise a means of deploying another international currency in the foreign exchange market so that it could not totally depend on the dollar.

Go after bureau de change, lawyer tells FG

He urged the government to monitor the Bureau-de-change, particularly those who hoard the dollar for their personal gain.

His statement reads in part:

"If the government of the day can sustain the policy on the ground and try as much as possible to monitor the Bureau De Change, most especially those who hoard the dollar for their own selfish interest, the naira will regain and continue to regain its strength above the dollar.

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"I totally disagreed with the government's assertion that the dollar has gained strength against our naira since time immemorial due to cryptocurrency traders. This argument stabbed logic in the leg."

Factors influencing naira vs dollar rating

Legit.ng earlier reported that the CBN has been commended for the recent stride of the naira against the dollar while being urged to maintain the momentum.

In an exclusive interview with Legit, Barrister Titilope Anifowoshe, a legal practitioner, explained the factors responsible for the recent progress made by the naira.

The legal practitioner cited the international market and investment in the Nigeria economy as major factors that influenced the naira.

Source: Legit.ng