Naira Loses Value Against Dollar, Pound, Euro in NAFEM Market

It was a bad day for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday as its value weakened against the United States Dollar

The Nigerian Naira depreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, losing 0.77 per cent or N12.29 to sell at N1,606.56/$1, compared to the previous day’s N1,594.27/$1.

According to data from the FMDQ Securities Exchange, the local currency also fell against the Pound Sterling by N11.87 to close at N2,116.69/£1, weaker than Tuesday’s closing rate of N2,104.82/£1. It depreciated against the Euro by N5.46 to settle at N1,782.62/€1, compared to the previous day’s N1,777.16/€1.

Despite recent efforts by the Central Bank of Nigeria (CBN) to stabilize the market through auctions for official dealers and Bureau de Change (BDCs), high seasonal demand continues to put pressure on the Naira.

However, the value of forex transactions at NAFEM rose slightly by 5.1 per cent or $4.00 million to $160.94 million, compared to the $156.94 million recorded in the previous trading session.

In the parallel (black) market, the Naira remained unchanged against the Dollar at N1,615/$1 on Wednesday.

Meanwhile, cryptocurrencies had a mixed performance on Wednesday. Among the top gainers, Ethereum (ETH) rose by 2.4 per cent to trade at $2,536.86, while Litecoin (LTC) appreciated by 1.6 per cent to sell at $61.98.

Additionally, Dogecoin (DOGE) saw a 1.1 per cent increase to quote at $0.1007, and Cardano (ADA) gained 0.4 per cent to trade at $0.3554.

On the other hand, Solana (SOL) experienced a decline of 3.0 per cent to trade at $143.83, while Ripple (XRP) dropped by 0.3 per cent to sell at $0.5727. Binance Coin (BNB) also fell by 0.2 per cent to trade at $541.34, and Bitcoin (BTC) declined marginally by 0.03 per cent to trade at $59,399.20.

The US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained stable at $1.00 each.

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