Naira gains N20/$ on Binance within a week as USDT reacts to Tinubu’s economic reforms

USDT traders are betting that the harmonization of multiple exchange rates will yield favourable results for the country’s budget.

A downward adjustment in the Naira exchange rate will result in an increase in Naira earnings from the translation of dollar earnings. Experts anticipate it will also reduce the arbitrage gap between the official exchange rate and the parallel market exchange rate. In a presidential statement, he announced the abolition of fuel subsidies.

Nigeria’s new President Bola Tinubu is quickly warming himself to investors after wasting no time in announcing an end to the country’s costly fuel subsidy program and unveiling plans to adopt a single exchange rate.

Similarly, the stablecoin landscape is getting smaller by the day, and that indicates less exposure to the USDT/NGN space

Consequently, most recent real-time data from Crypto Compare, stablecoin trade volumes this month had totalled just $292 billion as of publishing, putting the digital currency on course to post its lowest monthly trading volume since 2020. This comes after the stablecoin market trading volume decline of about 41% month over month in April