Naira Weakens to N1,331 per Dollar in Official Market
On Monday, October 5, the Nigerian Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling by N1.60 or 0.12% to close at N1,331.69/$1 from N1,330.09/$1. The currency also weakened against the Pound Sterling by 25 Kobo to N1,759.83/£1, though it gained N4.60 against the Euro to settle at N1,492.16/€1. In the black market, the Naira remained stable at N1,370/$1, and at GTBank’s forex counter, it held steady at N1,338/$1.
Data from the Central Bank of Nigeria (CBN) revealed a 53.2% drop in FX turnover to $72.119 million from $154.021 million, despite an increase in the number of deals. Nigerian businesses anticipate modest gains for the Naira in the coming months, despite challenges like multiple taxation, insecurity, and high interest rates.
The cryptocurrency market showed mixed movements. Cardano (ADA) led gains with a 6.7% rise to $0.2694, followed by Ethereum (ETH) up 0.4% to $2,715.00, and TRON (TRX) up 0.2% to $0.3363. Stablecoins USDT and USDC remained unchanged at $1.00 each. However, Dogecoin (DOGE) fell 1.4% to $0.0956, Binance Coin (BNB) dropped 0.9% to $786.37, and Bitcoin (BTC) slipped 0.2% to $85,894.14.