NAIRA falls against US dollar at the NAFEX window as bitcoin continues losing streak

The exchange rate between the naira and the US dollar closed at N411.63/$1 at the Importers and Exporters window, where forex is traded officially.

Naira depreciated against the US dollar on Tuesday to close at N411.63 to a dollar compared to N411.5/$1 recorded on Monday, 17th May 2021. This represents a 0.03% decline against the US dollar.

At the parallel market, the naira remained stable as it closed at N484/$1, which was the same as recorded on Monday. Meanwhile, forex turnover recorded a 47.2% decline, as only $58.88 million was traded at the NAFEX window as against $111.53 million recorded on Monday.

Bitcoin suffered a further decline on Tuesday, 18th May 2021, recording a decline of 0.91% to close at $43,196.39.

  • The highly popular crypto asset continued in its downturn, which was triggered by Elon Musk’s tweets.
  • On the other hand, Ethereum gained significantly as it closed at $3,414.48 on Tuesday, representing a 4.06% increase compared to $3,281.32 recorded on the previous day’s trade.
  • China’s financial industry bodies namely, the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, declared on Tuesday that financial and payment institutions must not conduct cryptocurrency-related businesses.