Naira Continues To Decline
On Tuesday, June 6, the Naira continued to lose value versus the US dollar and showed no signs of regaining it in the parallel market and peer-to-peer (P2P) segments of the foreign exchange (forex) market.
Compared to the previous day’s value of N775/$1, the value of the Nigerian Naira decreased by N5 to settle at N770/$1 in the P2P FX window.
The Naira to the Dollar exchange rate on Tuesday, however, remained steady in the Investors and Exporters (I&E) sector of the foreign exchange market at N464.67/$1.
Data from FMDQ Securities Exchange shows that the session’s turnover was $186.02 million, which is $108.54 or 140.1% more than the $77.48 million reported on Monday.
In the interbank market, the Naira strengthened by N6.08 to settle at N572.68/£1 compared N578.76/£1 on Monday and by N3.13 to trade at N494.26/€1 versus N497.39/€1 against the Euro.
Even as the US Securities Exchange prepared to crack down on major exchanges, Binance and Coinbase, the cryptocurrency market saw a rebound momentum.
The SEC stated in an emergency application for a temporary restraining order filed against Binance on Tuesday that it made this choice to “ensure the safety of customer assets.”
In addition, the petition alleges that Binance has engaged in “violative conduct” for years in “disregard of the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers as well as the custody and control of Customer Assets.”
Additionally, the SEC sued Coinbase, claiming that the US cryptocurrency exchange had been peddling unregistered securities.
The cryptocurrency market originally fell in a frightened manner as the markets reacted, but it later recovered as investors assessed the situation.
The price of Bitcoin (BTC) increased by 4.5% to $26,925.04, Ethereum (ETH) increased by 3.5% to $1,880.47, Dogecoin (DOGE) increased by 4.7% to $0.0697, Ripple (XRP) increased by 3.9% to $0.5303, and Litecoin (LTC) increased by 3.5% to $90.63.
Additionally, Binance Coin (BNB) saw a 0.5% increase to trade at $279.07, Solana (SOL) increased by 1.2% to $20.20, and Cardano (ADA) decreased by 1.4% to $0.3466. Binance USD (BUSD) and the US Dollar Tether (USDT) both maintained parity at $1 per coin.