On Friday, February 17, the local currency fell against the US dollar in the Investors and Exporters (I&E), black market, and Peer-to-Peer (P2P) segments of the foreign exchange (FX) market.
In the I&E market, which caters to import and export activities, the Naira depreciated by 50 Kobo or 0.11 percent to close at N462.00/$1 compared to N461.50/$1 the previous day.
This came as daily turnover published by FMDQ Securities Exchange stood at $69.72 million, compared to $89.54 million the previous session, a 22.1 percent or $19.82 million decrease.
Similarly, the Nigerian currency fell N2 against the US dollar to close at N770/$1 in the P2P window, down from N768/$1 the previous session.
Similarly, the local currency fell N3 against the US dollar in the parallel market yesterday, settling at N760/$1 versus N757/$1 on Wednesday.
This occurred as the country continued to face a cash crunch, prompting Nigerians to protest in Ilorin, Abeokuta, Benin City, and Ibadan.
President Muhammadu Buhari declared on Thursday that the old N200 is now legal tender and directed the Central Bank of Nigeria (CBN) to reintroduce the currency denomination into circulation for 60 days alongside the new N200, N500, and N1,000 banknotes.
He, on the other hand, stated that old N500 and N1,000 banknotes are no longer legal tender in Nigeria.
However, some governors, including Kaduna State Governor Nasir El-Rufai and Kano State Governor Abdullahi Ganduje, who are both staunch supporters of the president, have openly disagreed, urging banks and businesses to continue accepting the old legal tender.
The Naira gained 15 Kobo against the Pound Sterling in the interbank market, trading at N555.83/£1 versus N551.98/£1, and 34 Kobo against the Euro, selling at N493.68/€1 versus N494.02/€1.
Meanwhile, the cryptocurrency market was in the red on Thursday, with Bitcoin (BTC) down 3.5% to $23,791.03, and Ethereum (ETH) down 2.1% to $1,659.20.
Solana (SOL) was down 4.9% to $22.63, Binance Coin (BNB) was down 4.7% to $308.01, Cardano (ADA) was down 3.9% to $0.395, Dogecoin (DOGE) was down 3.7% to $0.0861, Ripple (XRP) was down 2.8% to $0.3902, and Litecoin (LTC) was down 2.2% to $99.86.
Meanwhile, US Dollar Tether (USDT) and Binance USD (BUSD) were trading at $1.00 each.
