Naira Depreciates to N1,600/$, as Bitcoin Dips Below $50K

On Monday, the Naira depreciated to N1,600 per dollar in the parallel market from N1,590 last weekend. However, it appreciated to N1,607.15 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on the same day.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,607.15 per dollar from N1,617.08 per dollar last Friday, indicating a N9.93 appreciation for the Naira.

The volume of dollars traded in the market declined by 41.3% to $77.09 million from $131.55 million traded last weekend. Consequently, the margin between the parallel market and the NAFEM rate narrowed to N7.15 per dollar from N27.08 per dollar last Friday.

Bitcoin Price Drops Below $50,000

Bitcoin’s price dropped below $50,000 for the first time since February, hitting a low of $49,351 before rebounding to around $51,000. This decline comes as BTC dominance rises to 58% amidst significant drops in both the altcoin and stock markets.

The cryptocurrency market has seen a drastic contraction, with over 17% of its total market capitalization erased.