The Nigerian Naira depreciated further against the US dollar in the forex market on Friday, amid a renewed FX liquidity crisis.
The local currency was under pressure in the market’s black market, P2P, and Investors and Exporters (I&E) segments.
In the parallel market, the Naira fell by N3 against the dollar, selling for N743/$1 versus N740/$1 the previous day.
In the same vein, the Nigerian naira fell by N10 against the US dollar in the P2P forex window, settling at N771/$1 as opposed to the previous day’s rate of N761/$1.
Furthermore, in the I&E sector, the Naira fell 50 Kobo or 0.11 percent against the US dollar to trade at N446.50/$1, down from N446.00/$1 on Thursday.
The drop occurred due to a drop in FX transactions at the spot market yesterday to $162.17 million from the previous day’s turnover of $231.20 million, representing a shortfall of $69.03 million or 29.9%.
The Naira closed flat against the Pound Sterling and the Euro in the interbank market, at N541.16/£1 and N467.43/€1, respectively.
Meanwhile, the cryptocurrency market suffered a setback as most of the ten tokens fell in value, with Litecoin (LTC) falling 2.1 percent to $76.52.
Dogecoin (DOGE) fell 1.6% to $0.0967, Ethereum (ETH) fell 1.3% to $1,265.83, Binance Coin (BNB) fell 1.1% to $287.40, and Ripple (XRP) fell 1.1% to $0.3882.
In addition, Cardano (ADA) fell 0.9 percent to $0.3122, Solana (SOL) fell 0.5 percent to $13.64, and Bitcoin (BTC) fell 1.4 percent to $17,161.76.
However, the US Dollar Tether (USDT) and Binance USD (BUSD) both ended the day at $1.00.
