On Wednesday, June 21, the American Dollar appreciated against the Nigerian Naira in all foreign currency (FX) market divisions, including the Investors and Exporters (I&E), black market, and peer-to-peer (P2P) windows.
When compared to the previous day’s value of N756.61/$1, the Naira fell by N6.56 or 0.87 percent in the I&E segment. This happened despite a decrease in forex turnover of 28.28%, or $38.03 million, to $96.44 million from $134.47 million.
In addition, the local currency lost N5 to trade at N765/$1 compared to the rate of N760/$1 in the previous session on the black market, while the Naira lost N9 to depreciate against the US Dollar to sell at N785/$1 in the P2P segment of the market from Tuesday’s value of N776/$1.
In the interbank market, the Naira also depreciated against the British pound yesterday by N80.92 to close at N827.51/£1, up from N746.59/£1 the day before, and it depreciated against the euro by N64.68 to close at N705.94/€1, up from N641.26/€1 on Tuesday.
Bitcoin (BTC) briefly reclaimed the $30,000 mark in the cryptocurrency market as investors reacted favorably to remarks made by Mr. Jerome Powell, the chairman of the US Federal Reserve, discussing bringing down inflation in the largest economy in the world to approximately 2%.
BTC increased in value by 5.1% to trade at $30,302.58, Ethereum (ETH) increased in value by 5.4% to trade at $1,912.82, Cardano (ADA) increased in value by 7.1% to trade at $0.298, Litecoin (LTC) increased in value by 6.6% to trade at $82.00, and Dogecoin (DOGE) increased in value by 6.4% to trade at $0.0679.
Additionally, Solana (SOL) increased by 3.9% to trade at $17.46, Ripple (XRP) increased by 3.1% to retail at $0.5145, and Binance Coin (BNB) increased by 0.8% to trade at $253.13, while US Dollar Tether (USDT) and Binance USD (BUSD) stayed unchanged at $1 apiece.
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