Naira Crashes to N691/$1 at Parallel Market, N431/$1 at I&E

August 25, 2022
Naira parallel market

By Adedapo Adesanya

The value of the Naira to the US Dollar depreciated further at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday, August 24.

At the official FX window, the exchange rate of the Nigerian currency to the greenback closed at N431.00/$1 compared with the previous day’s rate of N430.67/$1, indicating that the value of the local currency declined by 0.08 per cent or lost 33 Kobo.

The exchange rate of the nation’s currency weakened in the midweek session as the demand for forex remained high, though the turnover eased by 25.1 per cent or $44.03 million to $131.64 million from the previous day’s $175.67 million.

Also, the value of the domestic currency to the US Dollar declined yesterday at the parallel market by N5 to settle at N691/$1 in contrast to Tuesday’s value of N686/$1.

In the interbank segment of the market, the Naira depreciated against the Pound Sterling by 66 Kobo as it closed at N497.53/£1 versus the N496.87/£1 that it sold in the previous session and against the Euro, the local currency lost 35 Kobo to close at N419.39/€1 in contrast to Tuesday’s rate of N419.04/€1.

However, at the Peer-to-Peer (P2P) market segment, the Nigerian Naira closed flat against the United States currency on Wednesday at N700/$1.

As for the digital currency market, the value of Ethereum (ETH) jumped by 3.5 per cent to $1,674.95, Solana (SOL) appreciated by 1.8 per cent to $35.38, Ripple (XRP) recorded a 1.7 per cent jump to trade at $0.3468, Dogecoin (DOGE) saw a 1.4 per cent rise to trade at $0.0685, Bitcoin (BTC) moved up by 1.1 per cent to trade at $21,533.69, Cardano (ADA) rose by 1.1 per cent to quote at $0.461, and Litecoin (LTC) went up by 0.5 per cent to sell at $56.43.

But the price of Binance Coin (BNB) declined by 0.2 per cent to $296.94, while Shiba Inu (SHIB) lost 0.1 per cent to sell for $0.00001313, with the US Dollar Tether (USDT) closing flat at $1.00.

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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