By Adedapo Adesanya
The Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, September 3 by 1.61 per cent or N25.57.
Business Post reports that the Nigerian currency was exchanged with the US currency during the session as N1,611.34/$1, in contrast to the preceding day’s rate of N1,585.77/$1.
However, it improved its value against the Pound Sterling in the official forex market yesterday by N5.16 to trade at N2,095.29/£1 compared with the previous day’s N2,100.45/£1 and gained N6.72 against the Euro to close at N1,762.56/€1 compared with Monday’s exchange rate of N1,769.28/€1.
The mixed outcome occurred amid fresh indications that the Central Bank of Nigeria (CBN) may have intervened in the market as there was a boost in the turnover settled at the session, according to secondary data published on the FMDQ Securities Exchange website.
The value of FX transactions significantly rose by 194.5 per cent or $138.43 million to $209.61 million from the $71.18 million cleared in the preceding trading session.
A look at the black market segment showed that the Naira weakened against the greenback yesterday by N5 to sell for N1,635/$1 versus the N1,630/$1 it was transacted a day earlier.
Meanwhile, the crypto market turned bearish on Tuesday, as a lot of US economic data were expected and the first report showed weakness alongside an uptick in inflation pressure with the ISM Manufacturing PMI report for August showing continued contraction, coming in at 47.2 versus 47.5 expected and July’s 46.8.
Ethereum (ETH) dropped 2.9 per cent to $2,447.87, Cardano (ADA) went down by 2.3 per cent to $0.3234, Solana (SOL) recorded a 1.7 per cent slump to trade at $130.93, Bitcoin (BTC) slid by 0.8 per cent to $58,038.88, Ripple (XRP) depreciated by 0.4 per cent to close at $0.5638, Dogecoin (DOGE) declined by 0.3 per cent to $0.1259, and the US Dollar Tether (USDT) slumped by 0.06 per cent to $0.9996.
However, Binance Coin (BNB) went up by 0.5 per cent to $572.88, Litecoin (LTC) appreciated by 0.08 per cent to settle at $65.02, and the US Dollar Coin (USDC) sold flat at $1.00.
