The Naira weakened further against the United States Dollar by N5.84 or 0.37 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to N1,591.60/$1 on Wednesday, May 28 from the N1,585.76/$1 it was traded on Tuesday.
In the same vein, the Nigerian Naira crashed against the Pound Sterling in the spot market by N1.37 to settle at N2,145.28/£1 compared with the preceding session’s value of N2,143.91/£1 and crumbled against the Euro by N4.29 to close at N1,801.52/€1, in contrast to the N1,797.23/€1 it was exchanged a day earlier.
Equally, the domestic currency depreciated against the Dollar in the black market during the trading session by N5 to finish at N1,625/$1 versus Tuesday’s closing price of N1,620/$1.
The domestic currency weakened in the different segments of the forex market yesterday on the back of fresh FX demand pressures despite the injection of $50 million into the market by the Central Bank of Nigeria (CBN) to boost liquidity.
Meanwhile, the cryptocurrency market was mixed at midweek as most tokens faced selling pressure, contributing to a broader market downtrend.
The total crypto market cap declined 2.1 per cent, with it now sitting at $3.4 trillion. It has a 24 hour trading volume of $117.02 billion, down 8.2 per cent compared to the previous day
As the market navigates this early-bearish trend, traders have remained vigilant for signs of a breakout or further consolidation.
Solana (SOL) went down by 0.9 per cent to $172.58, Bitcoin (BTC) lost 0.8 per cent to sell at $107,920.21, Binance Coin (BNB) declined by 0.4 per cent to $683.89, and Ripple (XRP) shrank by 0.2 per cent to $2.28.
On the flip side, Ethereum (ETH) grew by 3.8 per cent to $2,728.92, Litecoin (LTC) increased by 1.9 per cent to $97.10, Dogecoin (DOGE) jumped by 1.1 per cent to $0.2246, and Cardano (ADA) rose by 0.7 per cent to $0.7525, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.