Fri. Nov 22nd, 2024

Naira Weakens Further to N1,625 Per Dollar at NAFEX

naira at forex market

By Adedapo Adesanya

The Naira slid further against the US Dollar, dropping 0.9 per cent or N14.54 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, September 4 to settle at N1,625.88/$1 compared with the preceding day’s N1,611.34/$1, according to data obtained from the FMDQ Securities Exchange.

Similarly, the local currency depreciated against the Pound Sterling in the official market during the session by N34.39 to sell at N2,129.68/£1, in contrast to Tuesday’s closing price of N2,095.29/£1 and lost N30.12 against the Euro to finish at N1,792.68/€1 compared with the previous day’s N1,762.56/€1.

The poor performance of the domestic currency coincided with a decline in the value of FX transactions recorded at the spot market.

The forex supply crunch put pressure on the Naira as the turnover stood at $205.76 million compared with the previous day’s $209.61 million, representing a decline of $3.85 million or 1.8 per cent.

At the parallel market, the Nigerian Naira weakened against the greenback at the midweek session by N5 to settle at N1,640/$1 compared with the preceding day’s rate of N1,635/$1.

Meanwhile, in the cryptocurrency market, most of the tokens closed in the positive territory as a long-term outlook for digital assets remains murky as growing concerns about the US labour market and a potential recession concur with the Federal Reserve’s forthcoming interest rate cuts.

Leading the gainers was Solana (SOL) which recorded a 3.8 per cent appreciation to sell at $132.38, Cardano (ADA) went up by 2.7 per cent to $0.3223 and Dogecoin (DOGE) increased by 1.9 per cent to sell at $0.0970.

Further, Bitcoin (BTC) rose by 1.4 per cent to trade at $57,201.57, Ethereum (ETH) jumped by 1.3 per cent to sell at $2,409.09, Litecoin (LTC) added 0.8 per cent to close at $65.32 and Ripple (XRP) appreciated by 0.4 per cent to settle at $0.5535.

On the flip side, Binance Coin (BNB) went south by 1.00 per cent to finish at $504.95, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded at $1.00 each.

By Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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