Naira depreciates against the Dollar at NAFEX despite CBN's efforts to stabilise the market

The Naira depreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, July 30.

The Naira lost 0.6 per cent against the Dollar at the Nigerian Autonomous Foreign Exchange Market on Tuesday.

Precisely, the local currency depreciated by N9.72 to sell at N1,621.12/$1 compared with the previous day’s N1,611.40/$1 at the NAFEM window, according to data from the FMDQ Securities Exchange.

It was the fifth consecutive day the Nigerian currency was declining in value despite efforts by the Central Bank of Nigeria to stabilise the market.

Meanwhile, the value of forex transactions at the spot market also decreased by 7.2 per cent or $13.00 million to $166.34 million, showing a decline in the volume of forex trades compared to the previous day’s $179.34 million, the data revealed.

The Naira, however, remained unchanged against the British currency, Pound Sterling, and the Euro during the trading session at N2,068.45/£1 and N1,741.61/€1, respectively.

At the black market on Tuesday, the Naira suffered a N10 loss against the Dollar to quote at N1,610/$1 compared with Monday’s closing rate of N1,600/$1, a report by Bureau De Change operators stated.

The CBN Governor, Mr Yemi Cardoso, was quoted by Hakama Sidi Ali, acting director, Corporate Communications Department, as saying that the bank is desirous of stabilising the FX market, according to a statement on Monday.

The statement stressed the CBN governor’s commitment to stabilising the foreign exchange market.

“The Governor has assured that the bank will continue to address the supply gap to ensure the market stability,” the CBN chief noted while announcing fresh liquidity into the FX market last week.

In the cryptocurrency market, it was a mixed session as Ripple (XRP) surged by 8.2 per cent to $0.6467 on speculations about the ruling date for a case between Ripple and the US Securities Exchange Commission, highlighting the intense anticipation surrounding this case. With multiple motions pending and the potential for appeals, the final decision could significantly impact the crypto landscape and investors are betting on a resolution.

Further, Binance Coin (BNB) went up by 2.3 per cent to $586.22, and Solana (SOL) jumped 0.8 per cent to trade at $182.64.

On the flip side, Dogecoin (DOGE) depreciated by 1.9 per cent to sell at $0.1265, Litecoin (LTC) fell by 1.8 per cent to $72.23, Bitcoin (BTC) waned by 0.4 per cent to $66,411.22, Cardano (ADA) slid by 0.3 per cent to $0.4028, and Ethereum (ETH) depreciated by 0.1 per cent to $3,319.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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