Naira Drops to N517/$1 at Parallel Market

By Adedapo Adesanya

The Naira depreciated by N2 against the US Dollar at the parallel market on Wednesday, August 18 to trade at N517/$1 compared to N515/$1 it sold at the previous session.

Also, at the same unregulated segment of the foreign exchange (FX) market, the local currency depreciated against the Pound Sterling by N1 to sell for N707/£1 in contrast to the preceding day’s N706/£1 and lost N1 against the Euro to trade at N606/€1 versus N605/€1 it quoted on Tuesday.

Equally, at the Investors and Exchange (I&E) window of the forex market, the domestic currency suffered a fall against the Dollar yesterday.

The local currency weakened by 25 kobo or 0.06 per cent during the trading session to close at N411.75/$1 as against N411.50/$1 it traded at the last trading day.

At the I&E segment, the value of transactions recorded yesterday marginally rose by 0.2 per cent or $210,000 to $113.38 million from $113.17 million achieved at the preceding session.

But at the interbank segment, the Naira traded flat against the American currency at the midweek trading session at N410.11/$1.

Cryptocurrencies Continue Fall

As for the digital currency market, the bearish sentiment seen in the past few days continued yesterday as the key tokens monitored by Business Post remained in the red territory.

The Dash (DASH) further dropped 7.7 per cent to sell at N96,003.02, Tron (TRX) depreciated by 3.0 per cent to sell at N44.15, while Ethereum (ETH) went down by 2.7 per cent to close at N1,566,649.48.

Furthermore, Ripple (XRP) skid by 1.1 per cent to trade at N576.99, Bitcoin (BTC) declined by 0.7 per cent to close at N22,989,998.23, the US Dollar Tether (USDT) fell by 0.4 per cent to quote at N522.81, while Litecoin (LTC) skimmed off by 0.1 per cent to trade at N89,999.90.