The Naira fell further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, May 5 by 0.2 per cent or N4.22 to N1,606.91/$1 from the N1,602.69/$1 it closed in the preceding trading session.
Also, the Nigerian currency depreciated against the Pound Sterling in the official market yesterday by N4.43 to settle at N2,137.73/£1 compared with last Friday’s rate of N2,133.30/£1 and tumbled against the Euro by N1.51 to finish at N1,821.75/€1, in contrast to the previous trading day’s N1,820.24/€1.
The local currency was under pressure in the spot market on Monday as a result of mounting forex demand pressure amid the slowdown in the supply of forex into the market by Central Bank of Nigeria (CBN).
In a twist of event, the Naira improved its value against the US Dollar in the parallel market yesterday by N5 to sell for N1,600/$1 versus the preceding trading day’s value of N1,605/$1.
As for the cryptocurrency market, it turned bearish on Monday as two relevant committees in the US House of Representatives have released a discussion draft of the legislation they hope will establish a regulatory regime for cryptocurrency in the US.
The draft details the public disclosures that crypto projects would be required to make. It also provides for digital assets developers to raise capital under the Securities and Exchange Commission’s watch, or to register with the CFTC to handle the trading of digital commodities.
The bill is meant to finally establish “clear lines” between the jurisdictions of the two U.S. markets regulators, a question that’s been a thorn in the side of US crypto businesses.
Litecoin (LTC) lost 3.5 per cent to sell at $87.05, Cardano (ADA) slumped by 3.3 per cent to $0.6636, Ripple (XRP) tumbled by 1.8 per cent to $2.13, Dogecoin (DOGE) slid by 0.7 per cent to $0.1707, Bitcoin (BTC) went down by 0.5 per cent to $94,784.02, and Ethereum (ETH) depreciated by 0.4 per cent to $1,818.44.
On the flip side, Binance Coin (BNB) rose by 1.7 per cent to $598.92, and Solana (SOL) appreciated by 0.2 per cent to $146.96, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.