The Vanguard, the naira experienced a further depreciation at the official market on Wednesday, trading at N1,308.52 to the dollar. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed a loss of N8.37, representing a 0.64% decrease compared to the previous trading day….CONTINUE READINGDespite the depreciation, the total daily turnover increased to $197.54 million on Wednesday, up from $133.65 million recorded on Tuesday.Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded within the range of N1,367 and N1,098 against the dollar.The Central Bank of Nigeria (CBN) has been implementing reforms aimed at stabilizing the naira, which led to steady appreciation until the recent four-day decline. In addition to the CBN’s efforts, the Economic and Financial Crimes Commission (EFCC) froze over 300 accounts linked to illicit forex trading to safeguard the foreign exchange market.EFCC Chairman, Ola Olukoyede, disclosed the freezing of the accounts during an interactive meeting with media executives, revealing that the agency uncovered illicit activities on peer-to-peer (P2P) platforms beyond the crypto trading platform, Binance.Olukoyede emphasized that the 300 illicit accounts posed a significant threat to the stability of the naira and could have caused a crash in its value within a week if not addressed promptly by the EFCC.