Amid a fresh scarcity of foreign exchange (forex), the Nigerian Naira plummeted to an all-time low in the Investors and Exporters (I&E) segment of the forex market on Tuesday.
Reports indicate that the Naira experienced a decline of N44.35 or 5.96 percent against the US Dollar, trading at N788.42/$1 compared to the previous session’s value of N744.07/$1.
During the session, it became apparent that the supply of forex could not meet the demand, resulting in the poor performance of the local currency.
The total value of forex trades on Tuesday amounted to $68.10 million, reflecting a 30.3 percent or $29.59 million decrease compared to the previous day’s figure of $97.69 million.
In the Peer-2-Peer (P2P) window, the Naira depreciated by N6.40 against the US Dollar, selling at N801.80/$1 as opposed to N795.40/$1. Similarly, in the parallel market, the Naira depreciated by N7, quoting at N802/$1, in contrast to Monday’s rate of N795/$1.
However, the domestic currency saw gains against the Pound Sterling at the official market, appreciating by N42.83 on Tuesday to settle at N957.81/£1 from N1,000.14/£1. It also strengthened by N41.62 against the Euro, closing at N820.34/€1 compared to N861.96/€1.
In the cryptocurrency market, prices were in the red following signals from several Federal Reserve officials suggesting that the US Federal Reserve was nearing the end of its tightening cycle.
Bitcoin (BTC) declined by 0.6 percent, trading at $30,523.63. Ethereum (ETH) experienced a 1.1 percent drop, settling at $1,872.59. Litecoin (LTC) depreciated by 1.3 percent, trading at $95.93. Dogecoin (DOGE) recorded a 1.3 percent depreciation, settling at $0.0649, while Ripple (XRP) fell by 0.6 percent, trading at $0.4752.
On the positive side, Solana (SOL) improved its value by 1.9 percent, reaching $95.93. Binance Coin (BNB) gained 0.8 percent, trading at $247.42. Cardano (ADA) saw a 0.2 percent increase in its value, finishing at $0.2908. The US Dollar Tether (USDT) and Binance USD (BUSD) remained stable at $1.00 each.
