On Valentine’s Day, the US Dollar did not show love to the Nigerian Naira, battering it in various segments of the foreign currency market on Tuesday.
The lack of cash did not help matters during the session, as Nigerians await the outcome of a Supreme Court decision today, Wednesday, February 15, on the suit brought before it by the state government over the Central Bank of Nigeria’s Naira redesign policy (CBN).
On Tuesday, the Naira depreciated against the greenback by 67 Kobo or 0.15 percent in the Investors and Exporters (I&E) segment of the foreign exchange (forex) market, trading at N461.67/$1 compared to the previous day’s N461.00/$1.
According to FMDQ Securities Exchange data, the value of the Naira fell despite FX trades falling by 67.04 percent or $140.06 million to $68.85 million from the previous day’s $208.91 million.
In addition, at the Peer-2-Peer (P2P) window, the local currency lost N1 against the US Dollar, selling for N765/$1 versus N764/$1 the previous session.
Similarly, in the parallel market, the domestic currency fell by N1 against its American counterpart to settle at N754/$1, down from N753/$1 the day before.
However, in the interbank market, the Naira rose N2.26 against the Pound Sterling to close at N556.13/£1 from N558.39/£1 on Monday, and it rose N1.16 against the Euro to N492.18/€1 from N493.34/€1.
On Tuesday, Bitcoin (BTC) recovered 0.9 percent to $22,175.52 as markets reacted to the US inflation report. The annual rate was 6.4 percent in January, down from 6.5 percent in December and far below the 9.1 percent peak reached last year.
During the session, Ethereum (ETH) gained 3.3% to sell at $1,551.71, Cardano (ADA) gained 7.7% to $0.3849, Litecoin (LTC) gained 4.9% to $95.49, Solana (SOL) gained 4.1% to $21.63, Ripple (XRP) gained 3.4% to $0.3795, Dogecoin (DOGE) gained 1.8% to $0.0832, and Binance Coin (BNB) gained 1.5% to $295.10.
