Naira Dips to N434.75 Per Dollar at Spot Market

By Adedapo Adesanya

The Naira depreciated by 0.75 per cent or N3.25 on the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Monday, August 8, on the back of renewed scarcity of forex in the financial system.

During the session, the Nigerian currency was exchanged with its American counterpart at N434.75/$1 compared with the preceding trading day’s value of N431.50/$1.

It was observed that traders could not sufficiently meet the FX demands of their customers yesterday as transactions worth $99.68 million were carried out compared with $93.54 million executed last Friday, representing a $6.14 million or 6.5 per cent spike in the FX trades.

In the Peer-to-Peer (P2P) market segment, the exchange rate of the Naira to the US currency remained unchanged at N715/$1 and at the parallel market, the domestic currency was exchanged with the Dollar at N700/$1, the same rate it was sold at the preceding trading session.

In the interbank segment of the market, the Naira gained strength against the Pound Sterling and the Euro.

On the Pound, the local currency appreciated by N1.68 to close at N490.26/£1 versus N491.94/£1 and against the Euro, it improved by N3.09 to sell for N422.29/€1 in contrast to the previous session’s N425.38/€1.

In the cryptocurrency market, there was a sway towards the bulls as six coins appreciated, while two coins depreciated, with the other two maintaining stability at the close of business.

Ethereum (ETH) rose by 4.3 per cent to trade at $1,644.67, Solana (SOL) gained 2.1 per cent to trade at $32.79, Ripple (XRP) appreciated by 1.3 per cent to quote at $0.3352, Binance Coin (BNB) recorded a 0.7 per cent growth to settle at $280.64, Dogecoin (DOGE) went up by 0.4 per cent to sell at $0.0634 and Cardano (ADA) added 0.3 per cent to finish at $0.4997.

Conversely, Litecoin (LTC) depreciated by 0.3 per cent to $60.31, while Bitcoin (BTC) moderated by 0.2 per cent to $19,836.99.

The US Dollar Tether (USDT) closed flat at $1.00 while Binance USD remained unchanged at $1.00 each.