By Adedapo Adesanya
The Naira continued its fall against the US Dollar in the in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, May 13 by 0.8 per cent or N11.80 to close at N1,478.11/$1 compared with the previous trading day’s N1,466.31/$1.
This happened despite an improvement in the value of FX transactions recorded in the official market during the trading session, with the turnover at $217.64 million versus the $113.78 million reported last Friday, representing a $103.86 million or 91.3 per cent rise.
Also, the local currency depreciated in the spot market yesterday against the Pound Sterling and the Euro, according to data obtained by Business Post.
The domestic currency weakened against the British currency by N26.52 to sell for N1,827.14/£1, in contrast to the preceding session’s value of N1,800.62/£1 and against the Euro, it shed N21.03 to close at N1,572.07/€1 versus N1,551.04/€1.
In the black market, the Nigerian Naira lost N30 against the Dollar on Monday to trade at N1,500/$1 compared with the previous trading day’s rate of N1,470/$1.
In the cryptocurrency market, momentum increased as a majority of the 10 benchmarked coins closed in green, as a single post by @TheRoaringKitty, the X profile of retail trader Keith Gill, led to rallies in meme coins. Other coins seized the opportunity to increase their values.
The highest gainer was Dogecoin (DOGE) as it made a 10.0 per cent gain to sell at $0.1512 followed by Solana (SOL) recording a 7.3 per cent appreciation to sell at $148.68 and Ripple (XRP) recorded a 3.0 per cent jump to trade at $0.5072.
Bitcoin (BTC) saw a 2.9 per cent rise to trade at $62,653.66, Cardano (ADA) added 2.4 per cent to finish at $0.4374, Ethereum (ETH) saw its value rise by 2.2 per cent to $2,943.29, Litecoin (LTC) gained 0.6 per cent to close at $80.38, and Binance Coin (BNB) increased by 0.4 per cent to sell for $590.71, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) traded flat at $1.00 each.