Naira Loses 37 Kobo Against Dollar on Official Spot Market

November 13, 2021
strong dollar demand Naira

By Adedapo Adesanya

The last trading session of the week at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market was not in favour of the Nigerian currency.

This was because the local currency depreciated against the United States Dollar at the official spot market by 37 kobo or 0.09 per cent on Friday as investors exchanged the Naira for the greenback at N415.10/$1 compared with the exchange rate of N414.73/$1 on Thursday.

The decline suffered by the Nigerian currency happened amid a slight increase in the turnover for the trading day, according to data obtained by Business Post from the FMDQ Securities Exchange.

Yesterday, the value of transactions at the I&E window was $90.70 million in contrast to the preceding day’s $82.01 per cent, indicating an increase of 10.6 per cent or $8.69 million.

At the interbank segment, the domestic currency against depreciated against the American currency and it was by 3 kobo as it closed at N411.42/$1 compared with the preceding day’s N411.39/$1.

However, the Naira closed flat against the Pound Sterling and the Euro at N551.22/£1 and N471.91/€1 respectively.

At the cryptocurrency market, it was bearish as the 10 digital coins tracked on Friday closed in the negative territory led by Litecoin (LTC) which lost 10.1 per cent to trade at N135,000.01.

Ethereum (ETH) depreciated by 6.5 per cent to sell at N2,471,001.10, Ripple (XRP) fell by 5.8 per cent loss to trade at N631.48, Tron (TRX) depleted by 4.6 per cent to sell at N57.29, Dogecoin (DOGE) dropped 3.2 per cent to sell at N153.92, while Bitcoin (BTC) shed 2.7 per cent to trade at N35,413,965.72.

In addition, Cardano (ADA) went south with a 2.2 per cent dip to trade at N1,216.05, Binance Coin (BNB) recorded a 1.2 per cent depreciation to trade at N256,871.06, Dash (DASH) lost 1.0 per cent to trade at N126,203.11, while the US Dollar Tether (USDT) made a 0.1 per cent depreciation to sell for N555.33.

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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