Naira Falls to N416.25 Per Dollar at Spot Market

By Adedapo Adesanya

The Naira depreciated against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market as it closed at N416.25 per Dollar on Thursday, February 24.

A day earlier, the exchange rate of the local currency to its American counterpart was N416.00 per dollar, showing that the value of the Nigerian currency depleted by 0.06 per cent or 25 kobo yesterday.

This decline happened amid a reduction in the value of transactions recorded at the spot market yesterday as the turnover dropped $20.28 million or 22.9 per cent to $68.08 million from the $88.36 million recorded at the midweek session.

Likewise, the value of the domestic currency dropped against the Dollar at the Peer-2-Peer (P2P) window on Thursday by N1 as it closed at N574/$1 in contrast to N573/$1 it was exchanged at the last session.

But at the spot market, the Naira appreciated against the British Pound Sterling yesterday by N6.58 to sell for N558/£1 compared with the previous closing rate of N564.58/£1.

The local currency also appreciated against the Euro at the same market segment during the session by N7.62 to settle at N465.02/€1 in contrast to N472.64/€1 it was exchanged a day earlier.

Meanwhile, calm is yet to return to the digital currency market following the invasion of Ukraine by Russia and on Thursday, seven of the 10 cryptos tracked by Business Post at the cryptocurrencies market remained bearish.

Dogecoin (DOGE) lost 4.6 per cent to trade at N72.81, Cardano (ADA) fell by 3.7 per cent to N508.92, Litecoin (LTC) saw its value drop 1.5 per cent to sell at N60,905.12, Binance Coin (BNB) recorded a loss of 1.3 per cent to trade at N150,321.25, Ripple (XRP) depreciated by 0.5 per cent to close at N491.45, Dash (DASH) slid by 0.4 per cent to trade at N51,406.83, while the US Dollar Tether (USDT) dropped 0.2 per cent to sell for N586.92.

But Solana (SOL) appreciated by 2.7 per cent to sell at N53,214.20, Bitcoin (BTC) improved by 2.2 per cent to close at N22,862,735.45, while Ethereum (ETH) made a 0.5 per cent appreciation to trade at N1,545,559.56.