WATCH THE VIDEO HERE All seems not to be well with the Naira at the different segments of the foreign exchange (forex) market, as its value continues to weaken against the United States Dollar, according to data harvested by Business Post. At the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, March 10, the domestic currency suffered a loss of 0.62 per cent or N9.51 against the US Dollar to quote at N1,532.29/$1 compared with last Friday’s exchange rate of N1,522.78/$1. Equally, the local currency tumbled against the British Pound Sterling in the official market by N18.20 to sell for N1,978.48/£1 versus the previous session’s N1,960.28/£1. Similarly, the Nigerian currency crashed against the Euro in the spot market during the trading session by N9.13 to settle at N1,658.07/€1, in contrast to the N1,648.94/€1 it was exchanged last Friday. In the same vein, the Nigerian Naira crumbled against the greenback in the black market on Monday by N10 to trade at N1,580/$1 compared with the previous session’s value of N1,570/$1. It was observed that the recent fall in the value of the Naira in the currency market is due to concerns about FX liquidity despite efforts by the Central Bank of Nigeria (CBN) to calm nerves. The major driver has been the decline in the country’s external reserves, which depleted by $2 million in the past weeks to $38.35 billion. Meanwhile, the cryptocurrency market stumbled yesterday amid concerns about a Donald Trump triggered tariff war and a slowing economy in the US, the world’s largest economy. The American President said the US economy is in a “transition” phase, also refusing to rule out a recession this year. On Monday, the price of Bitcoin (BTC) went down by 2.9 per cent to $80,115.68, Dogecoin (DOGE) depreciated by 9.4 per cent to $0.1580, Litecoin (LTC) shed 8.9 per cent to $88.57, Ethereum (ETH) slid by 8.5 per cent to $1,894.06, and Solana (SOL) slumped by 4.9 per cent to $122.59. In addition, Binance Coin (BNB) declined by 4.7 per cent to $538.26, Ripple (XRP) lost 4.4 per cent to finish at $2.10, and Cardano (ADA) plunged by 3.7 per cent to $0.7183, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
Pressure Mounts on Naira, Now N1,532/$1 at NAFEM, N1,580/$1 at Black Market
