The Naira showed no signs of stemming its downward slide against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, March 11.
At the trading session, the domestic currency lost 0.22 per cent or N3.44 on the greenback to settle at N1,535.73/$1, in contrast to the preceding day’s N1,532.29/$1, according to data obtained from the Central Bank of Nigeria (CBN).
However, the local currency maintained stability against the Pound Sterling and Euro in the official forex market yesterday at N1,978.48/£1 and N1,658.07/€1, respectively.
It was a similar situation with the Nigerian Naira against the US Dollar at the parallel market on Tuesday at N1,580/$1.
As for the digital currency market, the majority of the benchmarked tokens were in the green territory during the session amid news that Ukraine has agreed to the President Trump’s administration proposal for a 30-day ceasefire in its war with Russia.
Russia has yet to weigh in, but the agreement will hinge on that country’s acceptance, according to a joint statement of Ukraine and the US after a meeting of their delegations in Saudi Arabia.
Some ease in trade tensions also provided support, although this could not provide support long term because of the different tariffs.
Ripple (XRP) gained 3.9 per cent to trade at $2.17, Binance Coin (BNB) went up by 2.3 per cent to $551.58, Dogecoin (DOGE) rose by 2.2 per cent to $0.1622, Bitcoin (BTC) increased by 2.1 per cent to $81,955.90, and Litecoin (LTC) soared by 0.9 per cent to settle at $89.35.
On the flip side, Solana (SOL) slumped by 0.8 per cent to $122.13, Ethereum (ETH) slid by 0.7 per cent to $1,878.38, and Cardano (ADA) depreciated by 0.2 per cent to $0.7221, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 apiece.