Naira Weakens Against Dollar Amid CBN Intervention
The Naira has weakened further against the US Dollar in Nigeria's official FX market. On August 6, it dropped to N1,364.88 per dollar from N1,362.55 per dollar on Wednesday.
Despite this decline, traders are optimistic that the Naira will hold steady due to dollar sales by the Central Bank of Nigeria (CBN). The CBN's presence in the market is expected to ease demand pressure.
In other currency pairs, the Naira lost value against the Pound Sterling but gained value against the Euro. It traded at N1,838.09 per pound and N1,574.80 per euro on Thursday.
The cryptocurrency market also saw significant movements, with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) declining in value. Ripple (XRP), however, was an exception, appreciating by 7.7% to $0.2025 due to increased adoption of its technology.