After appreciating for three consecutive sessions at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), the Naira fell by 0.24 per cent or N1 against the greenback on Thursday, October 21.
The local currency was traded at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market yesterday at N415.07/$1 in contrast to N414.07/$1 it was exchanged on Wednesday at the same market window, data from the FMDQ Securities Exchange showed.
It was gathered that the domestic currency recorded the shock loss despite the forex turnover at the spot market going down during the trading session.
Transactions worth $103.16 million were achieved at the I&E segment on Thursday as against the $334.97 million carried out at the preceding day, indicating a decline by 69.20 per cent or $231.81 million.
Similarly, the local currency also witnessed a downward movement against the American currency at the interbank segment of the market as the exchange rate closed at N410.91/$1 in contrast to N410.89/$1 it ended a day earlier, indicating a fall of 2 kobo or 0.01 per cent.
Meanwhile, the recent day gains at the cryptocurrency market retreated from its all-time high struck after the debut of the first US bitcoin futures exchange-traded fund, while analysts questioned the impact on cryptocurrency investment flows.
At the market yesterday, Binance Coin (BNB) was the day’s highest loser as its value went down by 5.1 per cent to sell at N2,349,999.00, while Dogecoin (DOGE) lost 4.3 per cent to trade at N146.72, with Bitcoin (BTC) going down by 3.2 per cent as it sold for N35,888,000.00.
On its part, Dash (DASH) also recorded a 3.2 per cent depreciation to N108,776.18, Ripple (XRP) slid by 2.0 per cent to trade at N617.01, Cardano (ADA) lost 1.4 per cent to trade at N1,292.66, Tron (TRX) saw a 0.5 per cent pullback to sell at N57.05, while Litecoin (LTC) lost 0.4 per cent to trade at N113,997.04.
Two coins, however, stood strong with Ethereum (ETH) adding 2.9 per cent to trade at N2,349,999.00 and the United States Dollar Tether up by 0.2 per cent to trade at N564.59.
