Naira Drops to N486/$1 at Black Market

March 31, 2021
strong dollar demand Naira

By Adedapo Adesanya

The Naira depreciated by N1 against the Dollar at the unregulated segment of the foreign exchange (forex) market on Monday as it closed at N486/$1 in contrast to N485/$1 it traded on Monday.

At the same black market, the local currency depreciated against the Pound Sterling by N1 to trade at N678/£ compared with the previous day’s N677/£1.

Similarly, the domestic currency declined against the Euro yesterday by N2 to sell for N577/€1 in contrast to N575/€1 it was sold at the previous session.

However, at the Investors and Exporters (I&E) window, the Nigerian currency had a better performance against the greenback as it appreciated by 13 kobo or 0.03 per cent to quote at N409/$1 as against N409.13/$1 of the preceding day.

It was observed that the Naira was strengthened during the session despite a 55.4 per cent or $17.09 million increase in the demand for forex as transactions worth $47.93 million were recorded compared with the $30.84 million achieved at the preceding session.

At the interbank window, the exchange rate of the Naira to the Dollar remained unchanged at the close of business on Tuesday at N379/$1.

Meanwhile, at the cryptocurrency market, the seven benchmark cryptocurrencies tracked by Business Post on trading and tracking platform, Quidax, showed that five ended in the positive territory, while the two others settled in the bearish zone.

The Bitcoin (BTC) gained 2.0 per cent to sell at N29,541,969.08; Ripple (XRP) recorded a 1.6 per cent appreciation to trade at N281.20; while Litecoin (LTC) gained 1.1 per cent to trade at N97,008.06.

Also, the Tron (TRX) appreciated by 0.2 per cent to sell at N32.87, while the US Dollar Tether (USDT) went up by 1.8 per cent to trade at N502.01.

On the flip side, the second most valued cryptocurrency in the world, Ethereum (ETH), fell 0.6 per cent to N903,224.01; while the Dash (DASH) went down by 0.1 per cent to sell at N105,000.

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.

Leave a Reply

crude oil price at market
Previous Story

Oil Rises as Market Anticipates Stable OPEC+ Cuts

Equities Market bearish bullish
Next Story

Bears Devour Local Equities by 0.57% as Market Loses N118bn

Latest from Economy

Don't Miss