Naira Falls Further Against Dollar, Pound, Euro in NAFEX Market

The Naira continued its fall against the United States Dollar on Thursday after it lost N2.34 or 0.16 per cent in the Nigerian Autonomous Foreign Exchange

The Naira fell against the Dollar on Thursday by N2.34 to close at N1,485.36/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX), according to data obtained from FMDQ Securities Exchange.

This represents a 0.16 per cent devaluation compared to the N1,486.02/$1 recorded in the previous session.

The local currency also depreciated against the British Pound Sterling in the spot market during the session by N13.57 to sell for N1,884.09/£1, in contrast to midweek’s closing price of N1,870.52/£1.

Similarly, the Naira lost N15.05 against the Euro to quote at N1,591.24/€1, compared to the previous day’s N1,576.19/€1.

However, the domestic currency came under pressure despite a rise in the value of FX transactions by 16.9 per cent or $25.47 million to $176.20 million from the $150.73 million recorded in the preceding trading day.

Meanwhile, a glance at the black market showed that the Nigerian currency suffered a N5 loss against the US Dollar on Thursday to settle at N1,490/$1, compared to Wednesday’s exchange rate of N1,485/$1.

On the other hand, in the cryptocurrency market, Binance Coin (BNB) led the losers’ group after it dropped 2.8 per cent to sell for $585.47, as Solana (SOL) recorded a 2.6 per cent depreciation to finish at $132.46, and Ethereum (ETH) declined by 2.1 per cent to trade at $3,509.58.

In addition, Bitcoin (BTC) fell by 1.5 per cent to close at $64,559.19, Ripple (XRP) recorded a 1.4 per cent slump to end at $0.4888, Cardano (ADA) lost 0.9 per cent to quote at $0.3883, Litecoin (LTC) went down by 0.6 per cent to sell for $73.96, and Dogecoin (DOGE) posted a decline of 0.5 per cent to settle at $0.1239, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

News source：https://www.kdj.com/cryptocurrencies-news/articles/naira-falls-dollar-pound-euro-nafex-market.html

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