Naira Converges at N768/$1 at Official, Black Markets
By Adedapo Adesanya
The exchange rate of the Naira to the United States Dollar converged at the Investors and Exporters (I&E) window of the foreign exchange (FX) market and the black market segment on Monday.
This was almost the second time this was happening since the Central Bank of Nigeria (CBN) floated the local currency this month to allow it to trade at its true value.
In the official market, the Naira appreciated against the greenback yesterday by 0.26 per cent or N1.98 to sell at N768.19/$1 compared with last Friday’s value of N770.17/$1.
This occurred came as daily turnover published on FMDQ Securities Exchange surged by 57.9 per cent or $72.66 million to $198.13 million from the $125.47 million recorded in the previous trading session.
But in the parallel market, the domestic currency depreciated against its American counterpart by N1 to quote at N768/$1, in contrast to the preceding session’s rate of N767/$1.
In the peer-to-peer (P2P) window, the Nigerian Naira appreciated against the Dollar on Monday by N1 to trade at N779/$1 versus last Friday’s rate of N780/$1.
Also, the Naira appreciated against the duo of the Euro and the Pound Sterling on Monday, according to data from the CBN.
Against the Euro, the Nigerian currency closed at N809.19/€1 versus N825.77/€1, indicating a fortification of N16.58 and against the Briitish currency, it improved its value by N15.33 to N944.84/£1 from N960.17/£1.
Mixed outcomes were recorded in the cryptocurrency market on Monday as Bitcoin (BTC) rose 0.5 per cent to sell at $30,384.56, and Ethereum (ETH) shed 0.14 per cent to settle at $1,873.76.
Litecoin (LTC) recorded a 1.1 per cent gain to trade at $88.01, Binance Coin (BNB) went up by 0.9 per cent to $238.87, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 apiece.
However, Cardano (ADA) lost 1.8 per cent to sell at $0.282, Solana (SOL) declined by 1.2 per cent to $16.50, Dogecoin (DOGE) fell by 0.8 per cent to $0.0652, and Ripple (XRP) shrank by 0.5 per cent to $0.4822.