By Adedapo Adesanya
The Naira recorded a 1.39 per cent or N23 depreciation on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, November 25 to close at N1,675.62/$1 compared with the preceding session’s N1,652.62/$1.
However, on the Pound Sterling and the Euro, the local currency traded flat during the session at the spot market at N2,139.86/£1 and N1,783.36/€1, respectively.
This came amid a drop in the FX supply as the turnover went down by $134.26 million or 55.2 per cent to $108.79 million from the $243.05 million recorded last Friday.
As for the parallel market, the exchange rate of the Naira to the US Dollar remained unchanged on Monday at N1,750/$1, according to data obtained by Business Post.
A couple of data was released on Monday that gave a picture of the Nigerian economy with the Gross Domestic Product (GDP), which gauges the Nigerian economy growing by 3.46 per cent in the third quarter of the year spurred by improvements in the services and oil sectors. However, the manufacturing sector was battered.
Also, there was a decline in unemployment, which came in at 4.3 per cent in the second quarter of the year, but there was a 93 per cent reliance on the informal sector.
In the cryptocurrency market, there were largely negative outcomes after recent highs with corrections occurring due to leverage overheating, as open interest and estimated leverage ratio reached annual highs.
The biggest loser was Cardano as it slumped 6.2 per cent to trade at $0.9841, Solana (SOL) recorded a 6.1 per cent depreciation to sell at $238.65 and Dogecoin (DOGE) dropped 4.4 per cent to close at $0.4067.
Further, Bitcoin (BTC) went down by 3.6 per cent to trade at $94,628.56, Binance Coin (BNB) slid by 2.7 per cent to $643.72, Litecoin (LTC) declined by 2.5 per cent to $94.54, and Ripple (XRP) slid 0.9 per cent to $1.45, while Ethereum (ETH) appreciated by 1.3 per cent to $3,427.30, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) trading flat at $1.00 apiece.
Dipo Olowookere