Naira Settles at N996/$1 at Official Market After Bids Hit N1,100/$1

By Adedapo Adesanya

The Nigerian Naira depreciated by 14 per cent or N122.04 against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, November 9, as the foreign exchange (FX) market struggles to meet the high demands for foreign currencies yearly witnessed in this period of the year.

Business Post reports that the Naira crumbled in the official market yesterday to N996.75/$1 compared with the previous day’s exchange rate of N827.24/$1 after customers in the market window were willing to pay N1,100 for a Dollar.

The local currency experienced a loss during the session despite an improvement in the supply of forex into the spot market, as the turnover closed at $228.54 million, 101.3 per cent or $115.02 million lower than the $113.52 million reported a day earlier.

Also, in the parallel market, the domestic currency weakened against the greenback on Thursday by N40 to quote at N1,140/$1, in contrast to Wednesday’s value of N1,100/$1.

However, in the Peer-to-Peer (P2P) window, the Nigerian currency appreciated against its American counterpart by N22 yesterday to close at N1,027/$1 versus the midweek’s rate of N1,049/$1.

In the official market, the Naira maintained stability against the Pound Sterling and the Euro during the trading day at N1,054.57/£1 and N917.67/€1 apiece.

The cryptocurrency market was bullish yesterday as Bitcoin (BTC) jumped by 3.9 per cent to $36,626.78 amid optimism around a near-term spot Bitcoin ETF approval and a resulting short-squeeze.

Further, Ethereum (ETH) increased by 6.3 per cent to $2,011.22, Solana (SOL) recorded a 4.6 per cent leap to trade at $44.78, and Cardano (ADA) grew by 0.3 per cent to $0.3594.

Inversely, Ripple (XRP) depreciated by 4.7 per cent to trade at $0.652, Litecoin (LTC) went down by 3.3 per cent to $71.07, Dogecoin (DOGE) also crumbled by 3.3 per cent to $0.0716, Binance Coin (BNB) declined by 0.1 per cent to trade at $246.07, and the US Dollar Tether (USDT) dropped 0.05 per cent to sell at $0.9996, while Binance USD (BUSD) closed flat at $1.00.