BUSINESS

Naira depreciates as Crypto investors lose over $40.35 billion

At the official I&E window, the exchange rate between the naira and the US dollar was N411.5/$1. On Wednesday, the naira declined against the US dollar, closing at N411.5 per dollar, down from N410.83 per dollar on Tuesday, June 29th, 2021.

On the parallel market, the exchange rate dropped against the US dollar, closing at N503/$1, down from N502/$1 on Tuesday. The naira’s depreciation can be linked to speculative actions and a lack of liquidity in the FX market.

Meanwhile, on Thursday morning, crypto investors lost nearly $40.35 billion as the market fell 2.81 percent due to gloomy views.

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The Naira depreciated against the US dollar at the Investors and Exporters window on Wednesday, closing at N411.5/$1, down from N410.83/$1 at the conclusion of trade on Tuesday, June 29th, 2021.

The crypto market’s gloomy trend extended on Thursday, with a drop of almost $40.35 billion in the early hours of the day, or a 2.81 percent drop.

As of 5:32 a.m. on Thursday, the overall cryptocurrency market capitalization had dropped 2.81 percent to $1.39 trillion.

Bitcoin, the world’s most popular cryptocurrency, fell 2.42 percent to $34,162.31 during the same time period. Ethereum is now trading at $2,190.87, down 3.75 percent.

This followed regulatory crackdowns on the industry in China and the United Kingdom.

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