On May 10, the Naira fell against the US dollar, trading at N463.02/$1 in the Investors and Exporters window of the foreign exchange market.
According to BusinessPost, data from FMDQ Securities Exchange showed that the local currency suffered a loss of 77 kobo, or 0.17 percent, when it was traded on Tuesday at the spot rate of N462.25 to $1.
It was noted that yesterday’s large spike in demand for foreign exchange at the official market put pressure on the value of the naira.
The trading session’s turnover was $178.68 million, an increase of 81.8% or $79.84 million over the $98.84 million realized in the session before.
According to official statistics, inflation, which measures how quickly prices rise, was 4.9% in the 12 months leading up to April.
This represents the eighth month in a row that price increases have moderated, down from 5% in March.
The drop follows a steep increase in interest rates by the US central bank to attempt and contain inflation, which peaked last June at 9.1%, the highest level since 1981.
The price of Bitcoin fell by 0.9% to $27,440.51, the price of Ethereum dropped by 0.9% to $1,827.64, the price of Dogecoin fell by 0.8% to trade at $0.0727, the price of Solana dropped by 0.4% to $20.63, the price of Binance Coin also dropped by 0.4% to $312.00 as Ripple dropped 0.2 per cent to trade at $0.4286.
However, Cardano increased by 0.1% to $0.365, Litecoin increased by 0.7% to $80.33, Binance USD and the US Dollar Tether closed even at $1 each.
