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Naira Falls to N410/$1 at I&E, N478/$1 at Parallel Market

By Ahmed Rahma, Adedapo Adesanya

The Naira posted a new low at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Friday.

At the market segment, the local currency depreciated against the United States Dollar by 0.54 per cent or N2.20 to close at N410/$1 in contrast to N407.80/$1 it finished on Thursday.

Business Post reports that at the session, there was a slight rise in the demand for FX, 5.9 per cent or $3.72 million as transactions worth $66.41 million were executed in contrast to the $62.69 million recorded a day earlier, according to data from the FMDQ Securities Exchange.

At the unregulated segment of the forex market yesterday, the black market, the local currency lost N1 against the greenback to trade at N478/$1 versus the previously traded rate of N477/$1.

The local currency also depreciated against the Euro at the parallel market by N2 to sell for N577/€1 compared to N575/€1 of the preceding day but traded flat against the Pound Sterling at N655/£1.

At the interbank segment of the market, the domestic currency traded flat against the Dollar as the Central Bank of Nigeria (CBN) still auctioned the currency at N379/$1 to commercial banks.

Furthermore, the Nigerian Naira retained its previous value against the American currency at the Bureaux De Change (BDC) window on Friday at N395/$1.

Meanwhile, at the cryptocurrency market, five of the seven tokens tracked by Business Post on trading and tracking platform, Quidax, further recorded growth.

The frontrunner digital coin, Bitcoin (BTC), saw its value skyrocket further by 11.9 per cent to trade at N29,664,467; Ethereum recorded a 1.4 per cent gain to sell at N1,099,999 while Dash (DASH) coursed 9.1 per cent to sell at N185,390, with Ripple (XRP) rising by 5.0 per cent to trade at N309.99 and Tron (TRX) growing by 23.7 per cent to sell at N37.88.

On the loser’s chart, the US Dollar Tether (USDT) took a 7.4 per cent axing to sell for N504.88, while Litecoin (LTC) depreciated by 0.6 per cent to trade at N128,015.

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