The Naira closed at N463.75/$1 in the Investors and Exporters (I&E) window of the foreign exchange window on Friday, April 7, down 45 Kobo or 0.1 percent from the previous day’s N463.30/$1.
After the Central Bank of Nigeria (CBN) slightly adjusted the local currency value a few days ago, the Nigerian Naira lost value against the US dollar in the official market.
This was observed by EntrepreneurNG on Monday, the first trading session of the second quarter of 2023, when the Naira finished at N463.50/$1 compared to last Friday’s exchange rate of N461.38/$1, indicating a 0.46 percent decrease.
Few analysts predicted that the central bank would devalue the domestic currency after the 2023 general elections and work to implement a single exchange rate regime, as recommended by international lenders.
Yesterday, the value of FX transactions at the investors’ window increased by 35.41 percent, or $19.58 million, to $74.88 million, up from $55.30 million the day before.
In the Peer-2-Peer (P2P) segment, the Naira fell by N2 against the US dollar to settle at N752/$1 versus N750/$1 the previous day.
Similarly, in the parallel market, the Nigerian currency fell N1 against the US dollar, trading at N739/$1 versus N739/$1 on Tuesday.
However, during the session, the Naira closed flat against the Pound Sterling and the Euro, settling at N574.97/£1 and N502.11/€1, respectively.
Bitcoin (BTC) fell 1.8% to $28,040.26 in the cryptocurrency market as markets continued to react to US economic data after job openings in the US fell below 10 million for the first time since 2021, as employers reduced hiring efforts.
In addition, Ethereum (ETH) fell 1.2% to $1,889.36, Dogecoin (DOGE) fell 6.1% to $0.0920, Solana (SOL) fell 2.1% to $20.76, Litecoin (LTC) fell 1.8% to $92.31, Cardano (ADA) fell 1.3% to $0.3901, Ripple (XRP) fell 0.8% to $0.5028, and Binance Coin (BNB) fell 0.4% to $313.69.
