Naira Crashes by 1.92% against US Dollar in NAFEX Market

The Naira crashed against the US Dollar by 1.92 per cent or N29.70 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday

The Naira depreciated against the US Dollar on Wednesday by 1.92 per cent or N29.70 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) amid high demand for the greenback.

The value of the local currency weakened during the session to N1,561.98/$1 compared with the N1,532.28/$1 it was exchanged a day earlier.

Over the past three days, there has been a consistent rise in FX turnover at the spot market, putting the Nigerian currency under intense pressure.

According to data obtained from FMDQ Securities Exchange, the value of forex trades jumped by 25.8 per cent or $48.51 million to $236.70 million from the preceding session’s $188.19 million.

Despite recent interventions from the Central Bank of Nigeria (CBN) in the FX market, the local currency has been going through volatility since the middle of April, changing its fortune from being the world’s best currency in March.

Against the Pound Sterling in the official market, the domestic currency lost N30.16 at midweek to sell for N1,987..94/£1 versus Tuesday’s closing price of N1,957.78/£1 and against the Euro, the Nigerian currency depreciated by N23.4 to finish at N1,676.82/€1, in contrast to the preceding day’s N1,653.42/€1.

A look at the parallel market showed that the Naira fell against the US Dollar yesterday by N10 to quote at N1,550/$1 compared with the previous day’s N1,540/$1.

In the cryptocurrency market, profit-taking ravaged the market as Solana (SOL) lost 3.2 per cent to sell at $140.57, Bitcoin (BTC) also depreciated by 2.6 per cent to close at $57,779.94,

Moreover, Dogecoin’s (DOGE) value went down by 2.1 per cent to $0.1076, while Ethereum (ETH) lost 1.2 per cent to sell at $3,082.85, US Dollar Tether (USDT) also depreciated by 0.03 to sell at $0.9999, and the US Dollar Coin (USDC) lost 0.02 per cent to sell at $0.9999.

On the other hand, Litecoin (LTC) appreciated by 1.9 per cent to sell at $67.30, Cardano (ADA) also gained 1.4 per cent to sell at $0.3906, Binance Coin (BNB) appreciated by 0.3 per cent to sell at $525.49, and Ripple (XRP) gained 0.2 per cent to sell at $0.4412.

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