Naira Depreciates to N419.33/$1 at Official Market

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By Adedapo Adesanya

The Naira further depreciated by 0.2 per cent or 83 kobo on Wednesday, April 27 against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market to close at N419.33/$1 compared with the previous day’s value of N418.50/$1.

The usual shortage in the supply of FX to the market contributed to the decline of the local currency against its American counterpart yesterday as traders continue to ration the hard currency to the frustration of their customers, who have to go elsewhere, including the black market to source Dollar for their transactions.

This put pressure on the Nigerian currency at the Peer-to-Peer (P2P) segment of the FX market as it lost N1 or 0.17 per cent against the greenback during the midweek session to sell for N587/$1 compared with the preceding session’s exchange rate of N586/$1.

But at the spot market, the domestic currency appreciated against the Pound Sterling by N5.15 to trade at N522.53/£1 compared to the previously traded rate of N527.68/£1 and maintained the same trend against the Euro by chalking up N4.17 to finish at N439.87/€1 versus Tuesday’s value of N444.04/€1.

Meanwhile, seven of the 10 benchmarked tokens tracked by Business Post at the cryptocurrency market on Wednesday appreciated, with Bitcoin (BTC) witnessing a 2.3 per cent appreciation as it sold for N23,419,506.

Ethereum (ETH) appreciated by 1.9 per cent to sell at N1,748,717, Solana (SOL) gained 1.5 per cent to quote at N59,905.87, Binance Coin (BNB) recorded a 1.2 per cent appreciation to trade at N237,425, Litecoin (LTC) impressed with a 1.0 per cent gain to finish at N61,017.82, Cardano (ADA) rose by 0.8 per cent to N511.73, while the US Dollar Tether (USDT) improved by 0.1 per cent to N601.29.

Conversely, Dogecoin (DOGE) further depleted yesterday by 1.8 per cent to N84.44, Dash (DASH) went down by 1.1 per cent to N55,783.28, while Ripple (XRP) fell by 0.2 per cent to trade at N394.13.

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