Naira Crashes to N485 at Unregulated FX Window

March 13, 2021
Unregulated FX Window

By Adedapo Adesanya

The Naira performed badly against the United States Dollar at the unregulated segment of the foreign exchange (forex) market in Nigeria on Friday.

Business Post gathered from AbokiFX, a platform for tracking black market rates of the Naira to the Dollar and other global currencies, that the domestic currency depreciated by N3 or 0.62 per cent yesterday against the greenback.

At the close of transactions for the day, the Nigerian Naira was selling at N485/$1 in contrast to N482/$1 it traded at the preceding day.

Also, the local currency had a woeful day against the Euro as it went down by N5 to quote at N580/€1 compared with N575/€1 of the previous day, while it further traded flat against the Pound Sterling at N675/£1.

A look at one of the regulated segments of the market, the Investors and Exporters ((I&E) window, the Naira lost N1 or 0.24 per cent against the American currency on Friday to finish at N410/$1 as against N409/$1 it traded on Thursday.

During the session, the turnover decreased by $128.23 million or 66.7 per cent to $63.88 million from $192.11 million recorded at the preceding session.

At the interbank segment, which is the official exchange rate for government transactions, the Naira traded flat against the Dollar yesterday at N379/$1.

Meanwhile, transactions at the cryptocurrency market on Friday were mixed as three of the seven tokens monitored by Business Post closed bearish.

The Bitcoin (BTC) fell by 0.6 per cent yesterday to sell at N35,500,322.00; Ethereum (ETH) also fell by 0.6 per cent to N1,121,200.00; while Ripple (XRP) declined by 6.2 per cent to trade at N272.14.

However, the Litecoin (LTC) appreciated by 5.2 per cent to trade at N133,661; Dash (DASH) rose by 1.3 per cent to sell at N148,900; Tron (TRX) appreciated by 0.6 per cent to sell at N32.39; while the value of the US Dollar Tether (USDT) grew by 4.9 per cent to N638.65.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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