Nigerian Currency Further Loses Value Against Dollar

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By Adedapo Adesanya

The Naira depreciated against the Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Thursday by N3 or 0.4 per cent to trade at N756/$1 compared with the previous day’s N753/$1.

Also, the Nigerian currency lost N4 against its American counterpart to close at N747/$1 in contrast to Wednesday’s closing price of N743/$1.

However, in the Investors and Exporters (I&E) window, the local currency appreciated against the greenback yesterday by 8 Kobo or 0.08 per cent to sell for N441.13$1 compared with the preceding session’s N441.25/$1.

Data obtained from the FMDQ Securities Exchange indicated that the turnover of forex transactions stood at $180.56 million but this FX demand pressure did not impact negatively on the exchange rate of the Naira.

A look at the interbank segment of the market showed that the Nigerian Naira appreciated against the Pound Sterling and the Euro.

Against the British currency, the domestic currency appreciated by N2.74 to sell at N494.31/£1 in contrast to the preceding day’s value of N491.57/£1 and against the Euro, the Naira gained N1.76 to trade at N427.62/€1 compared with Wednesday’s rate of N429.38/€1.

In the cryptocurrency market, the bearish run continued on worsening global outlook, which is showing that headwinds will persist in the global economy, leading investors to take a cautionary approach.

Cardano (ADA) recorded a 4.0 per cent slide to trade at $0.3396, Solana (SOL) also went down by 4.0 per cent to sell at $28.03, Ripple (XRP) recorded a 2.8 per cent slump to close at $0.4459, Binance Coin (BNB) shed 1.5 per cent to sell for $267.66, and Dogecoin (DOGE) saw a 1.4 per cent depreciation to quote at $0.0588.

Furthermore, Litecoin (LTC) went down by 1.0 per cent to trade at $51.05, Bitcoin (BTC) lost 0.4 per cent to close at $19,051.20, and Ethereum (ETH) saw its value go down by 0.2 per cent to sell at $1,287.86.

However, the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat on Thursday at $1.00 each.

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