The value of the Nigerian currency weakened to a new low on Wednesday, at the parallel market after it lost ₦2 against the Dollar.
Data shows that the Naira crashed to N530/$1 at the close of transactions on Thursday from the previous on Thursday morning N528/$1.
The major cause of the poor performance of the local currency at the foreign exchange (FX) market at the midweek session was the scarcity of forex.
This was reflected in the performance of the domestic currency against the other foreign currencies at the market yesterday as it depreciated by ₦2 against the Pound Sterling to quote at ₦717/£1 in contrast to ₦715/£1 it finished on Tuesday.
In the same vein, the Naira lost ₦4 against the Euro at the black market to settle at ₦616/€1 compared to ₦612/€1 it ended at the preceding session.
At the interbank segment of the market, the Nigerian currency further declined by 3 kobo against the greenback to sell at ₦410.35/$1 versus the previous day’s rate of ₦410.32/$1.
Also, at the Investors and Exporters (I&E) window, FX scarcity inflicted a 42 kobo or 0.1 per cent loss on the indigenous currency against the American currency as it was sold at ₦411.50/$1 in contrast to ₦411.08/$1 it traded at the previous session.
A look at the trades at the market segment showed that the turnover skyrocketed yesterday by 570.8 per cent or $413.81 million to $486.31 million from $72.50 million recorded on Tuesday.
Bullish Outcome at Cryptocurrency Market as Acceptance Deepens
The bulls reigned at the cryptocurrency market on Wednesday as more acceptance pushed the value of the coins up.
El Salvador’s Congress on Tuesday approved a law to create a $150 million fund to facilitate conversions from Bitcoin to US Dollars ahead of the central American country’s planned adoption of the cryptocurrency as legal tender next week.
Ethereum (ETH) recorded a 9.1 per cent appreciation to sell at ₦1,912,000.00, Dash (DASH) saw its value surge by 8.6 per cent to ₦127,000, while Litecoin (LTC) gained 7.1 per cent to trade at ₦94,565.67.
Also, Tron (TRX) recorded a 5.7 per cent appreciation to trade at N49.68, Bitcoin (BTC) went up by 4.7 per cent to trade at ₦25,889,752.27, Ripple (XRP) grew by 3.9 per cent to trade at ₦640, while the US Dollar Tether went up by 0.3 per cent to sell at ₦528.55.