By Adedapo Adesanya
The Naira closed at N463.75/$1 in the Investors and Exporters (I&E) window of the foreign exchange window on Wednesday, April 5, compared with the previous day’s N463.30/$1, indicating a decline of 45 Kobo or 0.1 per cent.
The Nigerian Naira further lost its value against the United States Dollar at the official market after the Central Bank of Nigeria (CBN) slightly adjusted the local currency value a few days ago.
This was noticed by Business Post on Monday, which was the first trading session of the second quarter of 2023, when the Naira finished at N463.50/$1 compared with last Friday’s exchange rate of N461.38/$1, indicating a downward adjustment of N2.12 or 0.46 per cent.
A few analysts had projected that the central bank would devalue the domestic currency after the 2023 general elections and makes efforts to adopt a single exchange rate regime as advised by international lenders.
At the investors’ window yesterday, the value of FX transactions sharply increased by 35.41 per cent or $19.58 million to $74.88 million from the $55.30 million achieved a day earlier.
Also, in the Peer-2-Peer (P2P) segment, the Naira depreciated against the American currency by N2 to settle at N752/$1 versus the previous day’s N750/$1.
Similarly, in the parallel market, the domestic currency lost N1 against the greenback to trade at N739/$1 versus Tuesday’s value of N738/$1.
However, in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro during the session to settle at N574.97/£1 and N502.11/€1, respectively.
In the cryptocurrency market, Bitcoin (BTC) slid by 1.8 per cent to $28,040.26 as the markets continued to react to economic data from the United States after job openings in the US fell below 10 million for the first time since 2021, which comes as employers began to reduce hiring efforts.
Also, Ethereum (ETH) lost 1.2 per cent to sell at $1,889.36, Dogecoin (DOGE) depreciated by 6.1 per cent to $0.0920, Solana (SOL) fell by 2.1 per cent to $20.76, Litecoin (LTC) went down by 1.8 per cent to $92.31, Cardano (ADA) dropped by 1.3 per cent to $0.3901, Ripple (XRP) shed 0.8 per cent to finish ar $0.5028, and Binance Coin (BNB) shrank by 0.4 per cent to $313.69, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.
