Naira Advances Towards N1000 Per $1, Hits Record Low Of N915 To $1 At Parallel Market

As the gap between the official and black markets reemerged, the Nigerian naira dropped even more on Wednesday, reaching a record low of N915 per dollar at the parallel market.

Nigeria’s economy has been under pressure since the Central Bank of Nigeria (CBN) floated the currency in June.

On Monday, the Peer-2-Peer (P2P) windows, the parallel market, and the Investors and Exporters (I&E) windows all saw a decline in the value of the Nigerian Naira against the US dollar.

This was brought on by the nation’s ongoing FX liquidity problems, which are straining and depreciating the indigenous currency.

As FX transactions increased by 31.1 percent or $14.28 million to $60.26 million from the $45.98 million stated on Tuesday, the Naira decreased by N24.87 or 3.28 percent versus the US dollar during the trading session to quote at N782.38/$1.

In the P2P segment of the market, the local currency closed at N927/$1 as opposed to N908/$1 it was traded at the previous day during the midweek session.

In the same vein, the Naira lost N15 versus the US dollar on Wednesday, falling from Tuesday’s closing rate of N900/$1 to N915/$1.

The British pound suffered the same fate on the official market on Wednesday, losing N4.38 to end at N977.41 to the pound to the dollar and N3.94 to N841.82 to the euro to the dollar, respectively, compared to N838.54 to the euro the day before.

According to a glance at the cryptocurrency market, the majority of the tokens decreased, as investors prepared for Thursday’s release of US consumer price index data for July.

It is widely anticipated that the inflation rate in the biggest economy in the world would be 3.3%, slightly higher than the 3.3% recorded in June.

The price of Bitcoin (BTC) fell by 0.9% to trade at $29,489.26, Ethereum (ETH) fell by 0.4% to $1,849.31, Solana (SOL) fell by 1.3% to $24.17, Ripple (XRP) lost 1.2% to $0.636, Binance Coin (BNB) fell by 0.7% to $243.01, and Litecoin (LTC) fell by 0.1% to $83.91.

Ozioma Samuel-Ugwuezi

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