On Tuesday, the Nigerian Naira depreciated against the US dollar in the Investors and Exporters (I&E) window of the foreign exchange (forex) market, falling by 60 Kobo or 0.13 percent to settle at N446.10/$1 from N445.50/$1 on Monday.
Despite a 64.8 percent or $133.59 million drop in the value of FX transactions completed in the official market yesterday, this occurred.
According to FMDQ Securities Exchange data, the value of forex trades executed on the spot market during the day was $72.69 million, down from $206.25 million the previous session.
However, on the black market, the Nigerian naira gained N70 against the US dollar on Tuesday, trading at N800/$1 versus N870/$1 on Monday.
In the Peer-to-Peer (P2P) segment, the local currency gained N30 against the US dollar to settle at N850/$1, up from N880/$1 the previous session.
On Tuesday, the Naira closed flat against the Pound Sterling and the Euro at N504.45/£1 and N439.74/£1, respectively.
The bears were in control of the digital currency market, which was thrown into turmoil by the news that Binance, the world’s largest cryptocurrency exchange, was planning to acquire FTX, its top rival, following a public feud between the companies’ CEOs.
Solana (SOL) lost 18.3 per cent to trade at $20.85, Dogecoin (DOGE) went south by 13.1 per cent to $0.0866, Ethereum (ETH) declined by 3.3 per cent to $1,303.46, Ripple (XRP) slumped by 9.4 per cent to trade at $0.388, Bitcoin (BTC) crashed by 6.0 per cent to $18,262.52, Litecoin (LTC) depreciated by 5.9 per cent to $59.19, and Cardano (ADA) dipped by 2.4 per cent to $0.3691.
However, Binance Coin (BNB) appreciated by 0.4 per cent to trade at $317.59, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.
