Naira Falls to N1,598/$1 at NAFEM, N1,630/$1 at Parallel Market

By Adedapo Adesanya

The Naira depreciated by 0.29 per cent or N4.63 against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, August 30, selling at N1,598.56/$1 compared with the previous day’s value of N1,593.93/$1, according to data obtained from FMDQ Securities Exchange.

Similarly, the local currency performed badly against the Pound Sterling in the official market yesterday by N7.48 to settle at N2,106.05/£1 compared with the preceding day’s rate of N2,098.57/£1 and depleted against the Euro during the trading session to finish at N1,772.09/€1, in contrast to Thursday’s exchange rate of N1,765.80/€1.

The poor outcome happened amid an 11.1 per cent or $17.28 million rise in the supply of FX in the spot market on the last trading session of the week to $172.80 million from the $155.52 million recorded a day earlier.

In the same vein, the domestic currency depreciated against the Dollar in the parallel market yesterday by N10 to settle at N1,630/$1 compared with the previous day’s closing value of N1,620/$1.

Meanwhile, in the cryptocurrency market, there was a boost in the price of Litecoin (LTC) as the crypto community spotted a big Litecoin transfer made to the Binance exchange. The transfer, involving 200,000 LTC, was equivalent to $12,765,026, with the coin rising in value at the close of business by 3.7 per cent to $64.79.

Further, Dogecoin (DOGE) saw a value appreciation of 1.9 per cent to sell at $0.1011, Ripple (XRP) added 0.8 per cent to trade at $0.5664, Binance Coin (BNB) went up by 0.2 per cent to close at $535.78, Ethereum (ETH) also jumped by 0.2 per cent to quote at $2,521.06, and Bitcoin (BTC) expanded at the close of transactions by 0.1 per cent to $59,139.42.

On the flip side, Cardano (ADA) went down by 2.1 per cent to $0.3473, and Solana (SOL) recorded a 1.6 per cent decline to sell at $137.14, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) sold flat at $1.00 apiece.