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Despite Rumors of Recovery, Nigerian Naira Depreciates Against US Dollar

Published:

According to the report from FMDQ Securities Exchange yesterday, November 7, the Nigerian naira weakened significantly against the United States dollar, falling from its former 780.09 to 809.2 per USD at an end-of-day rate.

Even with the speculations making rounds that the Nigeria naira will rally in value, it still weakens the strength of the United States dollar.

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Yesterday, the naira significantly declined to the USD (United States dollar) in both the Forex and parallel markets.

Unfortunately, the Nigerian naira still depreciates despite the previous signs of the naira returning. However, its recovery coincided with a high demand for the US dollar.

In Brief

  • According to FMDQ data, the parallel market prices fluctuated between N1,100 and N1,030 per USD, with the Binance P2P trading at N1,020 per USD.
  • On that particular day, the Nigerian naira depreciated by 7.53% in the I&E (investors and exporters) window and closed at N869.91.
  • The US dollar’s highest and lowest intra-day prices were N1,100 and N700, respectively.
  • Even as verified by the BDC (Bureau De Change) operators, the decline of the naira was steeper within the parallel market as its rates hiked from N1,025 to N1,120 per USD.
  • Meanwhile, during a book launch event in Abuja, the Economic Adviser to the Nigerian president, Tope Fasua, remains confident that President Tinubu’s administration and the central bank’s policies can still turn things around for the naira.

What’s Happening In Crypto Today?

As of the time of this writing, the price of Bitcoin is at $35,369.05, with An increase in market cap by 2.00% and an increase in trading volume by 27.29%.

On the other hand, Ethereum is selling at $ 1,884.41 while recording a slight rise in market cap of 0.30% and a decline in trading volume of 17.29%.

  • On the side of Toncoin right now, it is changing hands at $2.64, with a rise in market cap by 9.49% and an increase in trading volume by 64.04%.
  • TRON is currently trading at $0.09783 while seeing a rise in market cap by 1.39% and a decline in trading volume by 7.03%.
  • Meanwhile, Chainlink is currently trading at $13.62, with an increase in market cap by 6.00% and a drop in trading volume by 6.52%.
  • On the other hand, Polygon is at this moment selling at $0.7662 while recording an increase in market cap by 7.01% and an increase in trading volume by 50.42%.
  • Whereas Polkadot trades at $5.04 while seeing a rise in market cap of 3.82% and a decrease in trading volume by 6.88%.
  • Wrapped Bitcoin is sold at $35,358.18, with a slight increase in market cap by 1.88% and an increase in trading volume by 24.53%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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