On Saturday, May 13, the Naira depreciated against the US dollar in the peer-to-peer (P2P) and parallel markets but appreciated in the Investors and Exporters (I&E) window of the foreign exchange (FX) market.
According to EntrepreneurNG, the Naira fell N6 against the dollar during the session, closing at N758/$1 compared to the previous day’s value of N752/$1.
Similarly, the local currency fell by N1 against the US dollar in the black market yesterday, trading at N742/$1, down from N741/$1 on Thursday.
However, in the I&E sector, the Nigerian currency rose 29 Kobo, or 0.06 percent, to N462.73/$1 on Friday, compared to the previous day’s N463.02/$1, amid sustained high demand for forex, with the transaction value remaining at $178.68 million, according to the FMDQ Securities Exchange.
In the interbank market, the Naira fell 61 Kobo against the Pound Sterling to settle at N581.50/£1 versus N580.89/£1, while it rose 45 Kobo against the Euro to settle at N504.96/€1 versus N505.41/€1.
Bitcoin (BTC) fell to around $26,000 in the cryptocurrency market as markets continued to react to the latest US consumer price index. In the United States, inflation fell to 4.9 percent in April, less than the 5% figure many had predicted.
BTC fell by 3.2 percent to $26,609.31, Ethereum (ETH) fell by 3.5 percent to $1,765.05, Solana (SOL) fell by 2.5 percent to $20.13, Binance Coin (BNB) fell by 1.9 percent to $305.82, Litecoin (LTC) also fell by 1.9 percent to $79.01, Dogecoin (DOGE) fell by 1.8 percent to $0.0714, and Cardano (ADA) fell by 1.3 percent to $0.
However, Ripple (XRP) increased by 1.5 percent to $0.4349, while Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
