FX RATES
FX RATES

Naira falls at parallel market, as expert predicts Bitcoin could drop to $26k

The exchange rate between the naira and the US dollar closed at N412/$1 at the Investors and Exporters window, where forex is officially traded.

The naira maintained stability at the I&E window, for the third day in a stretch to close at N412 to a dollar, the same as recorded last week Friday and Monday, 31st May 2021.

On the other hand, naira fell at the parallel market to close at N498/$1, edging close to N500/$1. Specifically, the naira depreciated from N495/$1 recorded on Monday, 31st May 2021 to close at N498/$1 on Tuesday.

Meanwhile, a J.P Morgan strategist and Bitcoin expert has predicted that Bitcoin’s price could fall to as low as $26,000 before longer-term momentum would signal capitulation. He said this on the back of the recent bearish performance of the flagship cryptocurrency asset.

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