Naira Crashes to N502/$1 at Parallel Market

By Adedapo Adesanya

The Naira weakened at the opening trading session of the week against the US Dollar at the parallel market segment of the foreign exchange market on Monday, June 28.

The local currency depreciated by N2 against the greenback to sell for N502/$1 compared with N500/$1 it traded last Friday.

However, at the same unregulated segment of the market, the local currency closed flat against both the Pound Sterling and the Euro, trading at N710/£1 and N600/£1 respectively.

It was a different outcome for the domestic currency at the Investors and Exporters (I&E) window as it appreciated by 39 kobo against the American currency to close at N411.28/$1 on Monday in contrast to the previous N411.67/$1.

According to data from the FMDQ Securities Exchange, transactions worth $100.48 million were carried out at the market window, $14.05 million or 12.4 per cent lower than the $114.53 million executed at the preceding session.

At the interbank segment of the FX market, the exchange rate of the Naira to the Dollar remained unchanged yesterday at N410.16/$1.

Meanwhile, at the digital currency market, there was a sigh of relief as the seven tokens tracked by Business Post closed in the green territory yesterday, according to data from Quidax.

This showed that the asset class is getting a renewed interest following sell-off due to regulatory actions for the past two weeks.

The Bitcoin (BTC), which is the most popular of the coins, recorded a 2.6 per cent appreciation to sell at N17,450,001.00. Ethereum (ETH) made a 3.9 per cent gain to trade at N1,027,581.00, while Ripple (XRP) saw a 9.6 per cent surge to N339.93.

Further, Litecoin (LTC) made a 5.1 per cent growth to sell at 67,000.00, Dash (DASH) rose by 2.1 per cent to trade at N64,603.12, Tron (TRX) recorded a 5.1 per cent jump to trade at N33.01, while the US Dollar Tether (USDT) moved up by 2.2 per cent to sell for N517.26.