Naira Exchange Rate Remains N510/$1 at Parallel Market

August 11, 2021
Naira parallel market

By Adedapo Adesanya

The exchange rate of the Naira to the United States Dollar remained unchanged at both the parallel market and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market on Tuesday, August 10.

This is as the demand pressure witnessed two weeks ago after a sudden policy of the Central Bank of Nigeria (CBN) concerning forex sales has waned in the past few days.

Yesterday, at the black market, the value of the local currency against its American counterpart remained flat at N510/$1.

However, the indigenous currency appreciated by N2 against the Pound Sterling at the unregulated FX window to N703/£1 from N705/£1 and closed flat against the Euro at N596/€1.

At the investors’ segment, the exchange rate of the domestic currency to the greenback remained unchanged at N411.50/$1 at the close of transactions yesterday.

One of the drivers was the lower FX requests by customers at the market window as data showed that the turnover for the trading day waned by 26.2 per cent or $43.54 million to $122.52 million from the $166.06 million recorded at the preceding day.

However, at the interbank segment of the forex market, the Nigerian currency depreciated against the American Dollar by one kobo to close at N410.12/$1 compared with the previous day’s value of N411.11/$1.

Meanwhile, at the cryptocurrency market, the recent buzz was sustained as six out of the seven virtual coins tracked by Business Post appreciated.

Bitcoin (BTC) recorded a 2.1 per cent appreciation to close at N23,276,336.49, Ethereum (ETH) made a 1.9 per cent gain to close at N1,582,047.40, while Dash (DASH) jumped by 6.1 per cent to sell at N88,996.95.

In addition, Litecoin (LTC) grew by 2.8 per cent to trade at N87,390.86, Ripple (XRP) rose by 0.2 per cent to sell at N413.59, while the US Dollar Tether (USDT) appreciated by 0.1 per cent to quote at N515.99.

However, Tron (TRX) lost 1.8 per cent during the session to sell at N38.18.

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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