Naira Crashes At Official Market Over High Demand Pressure
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Naira has crashed further at the official market over high demand pressure.

Infoexpert24 reports that the exchange rate between the naira and the US dollar closed at N414.90/$1, at the official Investors and Exporters window.

This online news platform understands that the Naira depreciated against the US dollar on Friday, to close at N414.90/$1, representing a 0.29% drop when compared to N413.68/$1 recorded on Thursday 23rd September 2021.

BREAKING: Nigeria’s E-naira Platform Goes Live

Meanwhile, the exchange rate at the parallel market closed at N575/$1 on Friday. This is according to information obtained by Nairametrics from BDC operators in Lagos.

The local currency dropped to a record rate at the official market as demand pressure hit the forex market despite a 10% improvement in dollar supply.

Activities of currency speculators and forex scarcity continue to hit the foreign exchange market as deposit money banks start to comply with the CBN directive to publish the names, BVN, and account numbers of forex defaulters.

Trading at the official NAFEX window

READ ALSO: Everything You Need To Know About e-Naira, Nigeria’s Digital Version Of Its Currency

The exchange rate fell significantly against the US dollar on Friday, 24th September 2021 to close the day at N414.90 to a dollar, representing an N1.22 drop when compared to N413.68/$1 recorded on Thursday, 23rd September 2021.

The opening indicative rate closed at N413.14/$1 on Friday, representing a 2 kobo drop when compared to N413.12/$1 recorded on Thursday, 23rd September 2021

An exchange rate of N415.20 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.90/$1, while it sold for as low as N400/$1 during intra-day trading, the same as the previous day.

Meanwhile, forex turnover at the official window rose by 10.08% on Friday, 24th September 2021.

According to data tracked by Nairametrics from the FMDQ, forex turnover increased from $175.86 million recorded on Thursday to $193.59 million on Friday 24th September 2021.

Cryptocurrency watch

The world’s largest and most popular cryptocurrency, Bitcoin, was up by 4.95% to trade at $44,165.58 as it continues its recovery from the drop recorded earlier last week.

Bitcoin has risen by 11.69% over the last week with its market capitalization stands at $795.22 billion as of Sunday.

Bitcoin and other virtual currencies have been trading in the red for the last week, thanks to the uncertainty emanating from  Evergrande’s financial crisis, which sent shockwaves across the markets in the world.

The prices of cryptocurrency acted with volatility as China’s central bank on Friday announced a ban on all cryptocurrency payments and services, escalating its ongoing clampdown on Bitcoin and other digital coins as it moves to roll out its own virtual currency.

The global crypto market cap is $1.87 trillion, a 2.10% decrease over the last day. The total crypto market volume over the last 24 hours is $94.71 billion, which makes a 29.85% decrease.

The second-largest cryptocurrency by market capitalization, Ethereum, rose by 8.86% to trade at $3,130.71, while XRP rose by 4.76% to trade at $0.97