Naira Weakens Against Major Currencies Amid US-Iran Tensions
The Nigerian Naira continues to weaken against major currencies in various segments of the foreign exchange market. At the official market, the currency slid to N1,368/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday.
In contrast, the black market saw a depreciation by N5, selling for N1,405/$1 compared to the previous day's price of N1,400/$1. Similar trends were observed in other major currencies, including the Pound Sterling and Euro.
The Central Bank of Nigeria (CBN) reported that interbank FX turnover increased marginally by 0.97% to $58.990 million from $58.423 million. However, the number of deals executed by financial institutions decreased by 2.82% to 69 deals from 71 deals.
The nation's foreign reserves further declined to $51.922 billion from $51.938 billion. In the cryptocurrency market, Bitcoin (BTC) fell by 1.4% to $62,004.42 due to renewed US-Iran tensions and a strengthening US Dollar.