Thursday was a bad day for the domestic currency in the various segments of the foreign exchange (forex) market, as it depreciated against the US dollar.
The Naira fell N3 against the US dollar in the Peer-to-Peer (P2P) window, trading at N745/$1, down from N742/$1 the previous day.
Also, in the Investors and Exporters (I&E) segment of the FX market, the Nigerian currency fell by N1.16 or 0.26 percent against the US dollar yesterday, closing at N441.83/$1 versus N440.67/$1 on Wednesday.
The local currency suffered a loss as the value of forex trades in the market segment decreased significantly during the session.
According to Business Post, the value of transactions fell by 32.1 percent, or $30.59 million, to $64.80 million from $95.39 million the previous day.
In addition, on the black market, the Naira fell by N1 to 0.14 percent against the US dollar on Thursday, trading at N735/$1 versus N734/$1 the day before.
Yesterday, the local currency depreciated by N8.90 against the Pound Sterling, selling for N491.35/£1 versus N482.45/£1 the day before, and against the Euro, the domestic currency lost N1.59 to close at N424.89/€1 versus N423.30/€1.
The bulls returned to the digital currency market on Thursday, raising the price of Ripple (XRP) by 5.8 percent to $0.4996.
Solana (SOL) increased by 3.9% to trade at $31.81, Bitcoin (BTC) increased by 3.8% to $19,812.52, Cardano (ADA) increased by 3.6% to $0.4996, Ethereum (ETH) increased by 3.3% to trade at $1,327.32, Dogecoin (DOGE) increased by 2.8% to $0.0605, Binance Coin (BNB) increased by 2.1% to $274.84, and Litecoin (LTC) increased by 0.6% to $5
