Nigerian Currency Falls To N1,488.60/$1 Amid 48% Slide In FX Supply

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Nigerian currency depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEX, on last Wednesday, amid a significant shortfall in the supply of Dollars to the market.

The value of forex transactions executed at the spot market yesterday, according to data from the FMDQ Securities Exchange, decreased by 48.7% or $31.56 million to $205.43 million from the preceding session’s $236.99 million.

This took a toll on the Naira, which 0.8% or N11.65 against the greenback to settle at N1,488.60/$1, in contrast to Tuesday’s closing value of N1,476.95/$1.

However, the domestic currency maintained stability against the Pound Sterling and the Euro in the official market at midweek, closing unchanged at N1,879.89/£1 and N1,604.70/€1, respectively.

In the same vein, the local currency traded flat against the US Dollar in the parallel market on Wednesday at N1,500/$1, according to data.

Despite recent interventions from the Central Bank of Nigeria ,CBN, in the FX market, the local currency has been going through volatility since the middle of April.

Meanwhile, in the cryptocurrency market, Ethereum ,ETH, the world’s second-largest cryptocurrency by market capitalisation, is experiencing a surge in user activity and attracting bullish predictions, gaining 1.6% yesterday to close at $3,863.97.

Binance Coin ,BNB, went up by 1.5% to $701.40, Litecoin ,LTC, jumped by 1.4% to $85.08, Solana ,SOL, appreciated by 0.4% to $173.59, and Ripple ,XRP, added 0.05% to trade at $0.5255.

However, Cardano ,ADA, weakened by 0.4% to $0.4593, Dogecoin’s ,DOGE, depreciated by 0.2% to sell at $0.1626, and Bitcoin ,BTC, lost 0.09% to close at $71,081.57, while the US Dollar Tether ,USDT, and the US Dollar Coin ,USDC, traded flat at $1.00 each.

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