Dollar Crashes To N726 At Black Market Following CBN’s Devaluation Policy

The value of the dollar fell against the naira to N726 at the black market as the Central Bank of Nigeria devalued the naira.

It was a similar situation in the Peer-2-Peer (P2P) window of the foreign exchange (FX) market yesterday as the domestic currency appreciated against its American counterpart by N4 to quote at N764/$1 compared with the previous day’s value of N768/$1.

However, this feat could not be replicated in the Investors and Exporters (I&E) arm of the market, as the local currency lost 17 Kobo or 0.04 per cent against the greenback to trade at N464.67/$1 versus N464.50/$1, amid a 13.1 per cent or $19.02 million rise in the value of forex trades in the spot market.

The turnover for the trading session stood at $163.74 million as against the $144.72 million recorded in the preceding session.

Equally, the local currency depreciated against the Pound Sterling in the interbank segment of the forex market on Wednesday by N2.64 to close at N574.37/£1 versus Tuesday’s N571.73/£1 and lost 52 Kobo against the Euro to settle at N495.89/€1 versus N496.41/€1.

As for the digital currency market, the bears took control as most of the tokens zone, with Bitcoin (BTC) losing 2.1 per cent to close at $27,150.29.

Ethereum (ETH) slid by 1.4 per cent to $1,876.67, Solana (SOL) slumped by 1.9 per cent to $20.80, Litecoin (LTC) shed 1.8 per cent to sell for $90.67, Ripple (XRP) declined by 1.7 per cent to $0.5095, Binance Coin (BNB) went south by 1.6 per cent to $306.61, Cardano (ADA) dropped 1.5 per cent to close at $0.3732, and Dogecoin (DOGE) shrank by 1.1 per cent to $0.0717, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 apiece.