By Adedapo Adesanya
The value of the Naira at the various segments of the currency market in Nigeria weakened for another session on Tuesday, November 12, data obtained by Business Post showed.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the local currency depreciated against the US Dollar yesterday by N8.64 or 0.5 per cent to trade at N1,689.88/$1 compared with the preceding day’s N1,681.42/$1 as the American currency waxed stronger in the international market.
Also, the inability of forex dealers to get an adequate supply of foreign currency to meet the demand of their customers battered the Naira during the session.
The value of FX transactions at the spot market depleted further by 77.4 per cent or $365.06 million to $106.44 million from the $471.50 million recorded on Monday, according to data from the FMDQ Securities Exchange.
Slowing injection of FX into the market has pressured the market while generally, the US currency continues to strengthen with the re-emergence of Mr Donald Trump as the next US president, a move that has made the Dollar stronger and weakened against a host of other currencies, like the Naira.
Also, the Naira weakened against the Pound Sterling in the official market on Tuesday by N21.70 to sell at N2,164.74/£1 compared with the preceding session’s N2,143.04/£1.
In the same vein, the domestic currency depreciated against the Euro at NAFEM yesterday by N11.20 to quote at N1,793.43/€1 versus Monday’s closing rate of N1,782.23/€1.
Further, in the black market, the Nigerian Naira slumped against the greenback on Tuesday by N5 to trade at N1,740/$1, in contrast to the previous day’s value of N1,735/$1.
In the cryptocurrency market, recent bullish trends have reversed as investors have taken profit after prices surged since US President-elect Donald Trump’s election victory.
Despite this, the outlook remains positive with cooling inflation, solid economic growth, and global monetary easing providing additional tailwinds for risk assets like crypto.
Cardano (ADA) plunged by 11.4 per cent to $0.526, Dogecoin (DOGE) slipped by 9.7 per cent to $0.3608, Litecoin (LTC) went down by 7.8 per cent to $72.25, Binance Coin (BNB) slid by 6.9 per cent to $601.42, Solana (SOL) lost 6.8 per cent to sell at $203.82, Ethereum (ETH) dropped 6.7 per cent to trade at $3,123.27, and Bitcoin (BTC) depreciated by 2.9 per cent to $86,257.91.
However, Ripple (XRP) appreciated by 6.9 per cent to $0.6443, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
Modupe Gbadeyanka