By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, July 9.
During the trading session, the Nigerian currency weakened by 0.57 per cent or N8.43 to sell for N1,532.28/$1, in contrast to the previous day’s N1,523.85/$1, according to data obtained from FMDQ Securities Exchange.
This happened despite an improvement in the supply of FX into the official market, as evidenced by the forex turnover posted yesterday, which increased by 35.7 per cent or $54.73 million to $188.19 million from the $133.46 million recorded a day earlier.
The loss also extended to the Pound Sterling in the spot market, as the Naira declined by N22.54 during the session to quote at N1,957.78/£1 compared with the previous day’s N1,935.24/£1, and depreciated by N16.28 against the Euro to finish at N1,653.42/€1, in contrast to the preceding day’s N1,637.14/€1.
Also, in the parallel market, the Naira suffered a loss of N10 against the Dollar during the trading day to settle at N1,540/$1 compared with the N1,530/$1 it was traded on Monday.
Meanwhile, the cryptocurrency market made a recovery on Tuesday after the recent bearish outcome, with Bitcoin (BTC) stabilising above $59,000 after Monday’s slide to $55,000 as a German government entity received over $200 million worth of the asset back from various exchanges.
On Monday, a wallet address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various other addresses, spooking traders and triggering a sell-off.
Now, the most valued cryptocurrency recorded a 3.0 per cent appreciation to trade at $59,053.85.
Further, Cardano (ADA) rose by 3.2 per cent to $0.3824, Solana (SOL) gained 2.2 per cent to sell at $144.13, Ethereum (ETH) jumped by 1.5 per cent to $3,110.99, Binance Coin (BNB) went up by 1.4 per cent to $521.97, Dogecoin (DOGE) appreciated by 1.2 per cent to $0.1094, Ripple (XRP) improved by 1.0 per cent to $0.4383, and Litecoin (LTC) soared by 0.5 per cent to $65.77, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) closed flat at $1.00 each.