Naira drops 11.4% to N927/$1 on official market

The Nigerian Autonomous Foreign Exchange Market, the official FX window, saw a 11.4 per cent depreciation of the Naira against the Dollar on Friday, December 1, closing at N927.19/$1, from Thursday’s exchange rate of N832.32/$1.

This depreciation put the Naira on the back burner for the first trading session of the final month of 2023.

The domestic currency declined in the spot market on Sunday as a result of the December rush for foreign exchange, as the supply of foreign currency could not keep up with demand.

According to data, the value of FX transactions that were recorded at the market during the trading day was $110.14 million, down from $115.41 million the day before, indicating a decline of 4.6 per cent or $5.27 million.

The unregulated foreign exchange market experienced pressure on Friday due to the official market’s incapacity to meet the demand of customers. The local currency lost N5 in value against the US dollar in the parallel market, closing at N1,165/$1, as opposed to N1,160/$1, on Thursday.

However on Sunday, in the Peer-to-Peer window, the value of the Nigerian Naira increased by N8 relative to that of the US dollar, selling for N1,148/$1 as opposed to N1,156/$1.

During the session at NAFEM, the Naira fell N158.01 against the Pound Sterling to settle at N1,204.10/£1, down from N1,046.09/£1 the day before. Against the Euro, it fell N95.37 to sell at N1,036.06/€1, down from N940.69/€1 on Thursday.

The cryptocurrency market, meanwhile, saw mixed results, with Bitcoin rising by 1.9% to $38,112.80, and Dogecoin gained 3.1 per cent to sell at $0.0839.

Additionally, Litecoin gained 0.4% to $70.09, Binance Coin gained 0.4% to $228.88, Cardano expanded by 0.1% to $0.378 and Ethereum increased by 2.7% to $2,090.27. Ripple saw an increase of 0.8% to $0.6105.

Solana saw a slight decline of less than 0.3 percent to close at $60.34, whereas US Dollar Coin and US Dollar Tether ended the day unchanged at $1.00 each.

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.