Sun. Jun 16th, 2024

Nigerian Naira Depreciates Further to N462 Per $1 at the Bitcoin Market.

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Just In, Nigerian Naira depreciates further to N462 Per $1 on most Naira to Bitcoin Market in Nigeria. 

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There is a severe pressure on Nigeria’s foreign exchange market which has equally affected other markets including the Bitcoin Market in Nigeria. 

As at June Naira was trading within the range of 430 – 450 per $1. A further depreciation as was predicted in June has happened with Naira depreciating further to N460 per $1. 

Most Bitcoin exchanges like Quidax, including Luno, Naijacrypto, Binance and others are selling on an average of N460 – N463 Naira per One US Dollar.

Read Also: Five Must Have Resources For Anyone Looking to Start Bitcoin Trading Business in Nigeria

The value of Naira significantly reduced against the US Dollar at $1/N462 at the Bitcoin market indicating N12 (around 1.2 per cent) loss compared to $1/N450 sold at the beginning of the month.

The US dollar is bought at an average of  N461 per 1$ at the dollar to naira market on Binance at the time of writing and sells for an average of N460 per 1$ on Binance. 

Meanwhile, Bitcoin sells at N4,466,404 Naira on Binance at press time. At the black market, Naira to USD sells at an average of N465 per $1.  

While the crypto markets seems to be at its bullish breakout period, the exchange rate of Naira to Dollar is just a nightmare.

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By Tony Chimdiuto

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