Naira Loses Value Against Dollar, Pound, Euro in NAFEM Market-web3.0-php.cn

Home

web3.0

Naira Loses Value Against Dollar, Pound, Euro in NAFEM Market

PHPz

Aug 29, 2024 pm 06:05 PM

Naira Official Market Exchange Rate Black Market

It was a bad day for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday as its value weakened against the United States Dollar

Naira Loses Value Against Dollar, Pound, Euro in NAFEM Market

The Nigerian Naira depreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, losing 0.77 per cent or N12.29 to sell at N1,606.56/$1, compared to the previous day’s N1,594.27/$1.

According to data from the FMDQ Securities Exchange, the local currency also fell against the Pound Sterling by N11.87 to close at N2,116.69/£1, weaker than Tuesday’s closing rate of N2,104.82/£1. It depreciated against the Euro by N5.46 to settle at N1,782.62/€1, compared to the previous day’s N1,777.16/€1.

Despite recent efforts by the Central Bank of Nigeria (CBN) to stabilize the market through auctions for official dealers and Bureau de Change (BDCs), high seasonal demand continues to put pressure on the Naira.

However, the value of forex transactions at NAFEM rose slightly by 5.1 per cent or $4.00 million to $160.94 million, compared to the $156.94 million recorded in the previous trading session.

In the parallel (black) market, the Naira remained unchanged against the Dollar at N1,615/$1 on Wednesday.

Meanwhile, cryptocurrencies had a mixed performance on Wednesday. Among the top gainers, Ethereum (ETH) rose by 2.4 per cent to trade at $2,536.86, while Litecoin (LTC) appreciated by 1.6 per cent to sell at $61.98.

Additionally, Dogecoin (DOGE) saw a 1.1 per cent increase to quote at $0.1007, and Cardano (ADA) gained 0.4 per cent to trade at $0.3554.

On the other hand, Solana (SOL) experienced a decline of 3.0 per cent to trade at $143.83, while Ripple (XRP) dropped by 0.3 per cent to sell at $0.5727. Binance Coin (BNB) also fell by 0.2 per cent to trade at $541.34, and Bitcoin (BTC) declined marginally by 0.03 per cent to trade at $59,399.20.

The US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained stable at $1.00 each.

The above is the detailed content of Naira Loses Value Against Dollar, Pound, Euro in NAFEM Market. For more information, please follow other related articles on the PHP Chinese website!

Statement

The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Naira depreciates against dollar, pound, euro in official market By Adedapo AdesanyaJul 30, 2024 pm 06:03 PM

The Naira started the new week on a negative note on Monday after its value depreciated further by 0.13 per cent or N2.11 against the US Dollar

Ethiopia Ends Currency Controls, Embraces Market-Based Exchange Rate SystemJul 29, 2024 pm 03:01 PM

The Ethiopian government has announced the implementation of a market-based exchange rate system marking a significant shift in the country's economic policy.

Naira Appreciates against US Dollar in NAFEX Market as DMO Prepares to Issue $500m BondAug 16, 2024 pm 03:22 PM

The Naira halted its recent weakening cycle against the US Dollar as it appreciated by 1.36 per cent or N21.56 in the Nigerian Autonomous Foreign

Naira Appreciates by 7.1% against US Dollar in NAFEXSep 19, 2024 pm 06:13 PM

The Naira appreciated against the US Dollar strengthening by 7.1 per cent or N116.84 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday

Naira Appreciates against US Dollar by 2.63% in NAFEXNov 14, 2024 pm 09:34 PM

It was the first time the Nigerian currency was gaining strengthen in the last four consecutive trading sessions, closing yesterday at N1,645.40/$1 compared with the preceding session's N1,689.88/$1.

Bitcoin (BTC) Exchange Rate Fixes at About $67KOct 19, 2024 am 06:18 AM

The bitcoin (BTC) exchange rate has fixed at about 67 thousand dollars. On Wednesday evening, October 16, the asset updated its maximum

Naira Loses 2.4% Value Against Dollar at NAFEM Despite Improved Forex SupplyNov 09, 2024 pm 10:26 PM

It was a bad day for the local currency at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 1, 2024, as its value weakened against the United States currency by 2.4 per cent or N39.37 to N1,678.87/$1 from the preceding day’