The Nigerian naira falls due to the new currency liquidity crisis

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The Nigerian naira depreciated further against the US dollar on the foreign exchange (forex) market on Friday amid a renewed currency liquidity crisis.

The local currency was under pressure in the black market, Peer-to-Peer (P2P) and investor and exporter (I&E) market segments.

In the parallel market, the Naira fell N3 against the dollar to sell at N743/$1 compared to the previous day’s exchange rate of N740/$1.

In the same vein, the national currency collapsed by N10 against the dollar in the P2P currency window to settle at N771/$1 against the previous day’s rate of N761/$1.

Also, in the I&E segment, the Naira lost 50 Kobo or 0.11 percent against the dollar to trade at N446.50/$1, in contrast to Thursday’s closing price of N446.00/$1.

The decline came amid a drop in spot market forex transactions yesterday to $162.17 million from the previous day’s turnover of $231.20 million, indicating a deficit of $69.03 million. or 29.9 percent.

In the interbank segment, the naira closed flat against the pound sterling and the euro at N541.16/£1 and N467.43/€1 each.

Meanwhile, the cryptocurrency market posted a negative result as most of the 10 tokens tracked by trade publication depreciated, with Litecoin (LTC) shedding 2.1 percent to trade at $76.52.

Dogecoin (DOGE) fell 1.6% to trade at $0.0967, Ethereum (ETH) saw its value fall 1.3% to sell at $1,265.83, Binance Coin (BNB) posted a depreciation of 1.1% to close at $287.40 and Ripple (XRP) was down 1.1 percent to close at $0.3882.

Additionally, Cardano (ADA) was down 0.9% to sell at $0.3122, Solana (SOL) depreciated 0.5% to trade at $13.64 and Bitcoin (BTC) was down 1.4 % to sell for $17,161.76.

However, US dollar Tether (USDT) and Binance USD (BUSD) closed unchanged at $1.00 each.

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