On Wednesday, January 4, the Naira fell against the US Dollar in the black market, Peer-2-Peer (P2P), and Investors and Exporters (I&E) segments of the foreign exchange (FX) market.
In the P2P forex segment, the local currency fell N9 against the US dollar to trade at N758/$1 versus N749/$1 the previous session.
In the parallel market, the domestic currency fell N3 against the US dollar to settle at N740/$1, down from N737/$1 on Tuesday, as demand for foreign exchange by those travelling abroad and paying school fees begins to rise, putting pressure on the Naira.
In addition, the Nigerian currency depreciated against the US dollar in the official market yesterday by 67 Kobo, or 0.15 percent, to trade at N461.67/$1 versus N461.00/$1.
The Naira fell in the market window, although the value of FX transactions fell by 54.8 percent, or $84.12 million, to $69.33 million from $153.45 million the day before.
In the interbank market, the Naira depreciated against the Pound Sterling while strengthening against the Euro.
It fell N2.13 against the pound to sell for N542.83/£1, compared to the previous day’s N540.70/£1, and rose N2.01 against the euro to close at N477.44/€1, compared to the previous session’s N479.45/€1.
There were recoveries from the previous day’s losses in the cryptocurrency market ahead of the release of minutes from the recent US Federal Reserve meeting.
Cardano (ADA) increased by 6.1 percent to $0.2661, Binance Coin (BNB) increased by 5.0 percent to $257.67, Ethereum (ETH) increased by 3.7% to $1,254.15, and Dogecoin (DOGE) increased by 3.3% to $0.0723.
Furthermore, Solana (SOL) increased by 1.7% to $13.19, Bitcoin (BTC) increased by 1.2% to close at $16,843.86, Ripple (XRP) increased by 0.4% to $0.3468, and Litecoin (LTC) increased by 0.1% to $75.24.
The US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
