The Nigerian Naira continues to depreciate against the United States Dollar in the black market on Thursday amid economic uncertainty and persistent forex scarcity.
Naira traded at N742 to a United States Dollar, a decline of N2 from the N740 it traded on Wednesday.
At the Investors and Exporters’s foreign exchange window, the Naira exchange rate is at its lowest, Naira declined from N439.70 it opened the day against the United States Dollar on Thursday to close at N441.83.
This is the first time the local currency will trade that low against the United States Dollar at the FMDQ Foreign Exchange window
Currency trades at the Investors and Exporters foreign exchange window transacted $64.80 million in value during the trading session on Thursday. This is a huge decline from the $95.39 million transactions it made in the previous trading session.
Meanwhile, at the interbank section managed by the Central Bank of Nigeria (CBN), the Naira depreciated from N435.7 it exchanged against the United States Dollar yesterday to N436.06 on Thursday.
Similarly, the Naira to Pounds Sterling exchange rate stood at N491.3524 a decline from N481.7535 it traded on Wednesday.
However, against the Euro common currency, the Naira exchange rate improved slightly from N423.0211 it exchanged on Wednesday to N424.896 on Thursday.
Crude Oil
Brent crude oil, the benchmark against which Nigerian oil is priced, shed 0.57% to $94.03 per barrel at 11:04 pm Nigerian time. While the U.S. West Texas Intermediate oil lost 0.66% to $88.52 a barrel.
Cryptocurrency
Thursday is apparently a good trading day for crypto traders as most coins like Bitcoin, Ethereum, Cardano (ADA), and Binance coins appreciated.
Bitcoin (BTC), the most capitalized cryptocurrency rebounded above $19,000 on Thursday, it improved by 3.47% in the last 24 hours to $19,645.51 a coin.
Ethereum (Eth), appreciated by 4.16% in the last 24 hours to $1,326.59 a coin. While, Binance coin (BNB) and Cardono (ADA) also appreciated by 3.68% to $274.88 per coin and 5.49% to $0.381500 per coin respectively.
