Naira Loses Value Against Dollar at P2P, I&E, Black Market

Image

By Adedapo Adesanya

The Naira lost its value against the United States Dollar at the various segment of the foreign exchange (forex) market on Tuesday in what seems to be the return of FX demand pressure on the nation’s currency amid a jump in inflation to a level last seen in 2005.

Data obtained by Business Post from the Peer-to-Peer (P2P), the black market and the Investors and Exporters (I&E) market windows showed that the domestic currency closed weaker yesterday.

In the P2P forex window, the value of the Nigerian currency depreciated against the greenback by N3 to N690/$1 from the previous day’s rate of N687/$1.

Also, in the parallel market, the local currency lost N1 against the US Dollar to sell for N680/$1 compared with Monday’s value of N679/$1 and in the spot market, the Naira weakened by 67 Kobo or 0.16 per cent to sell for N430.67/$1 in contrast to the preceding session’s N430.00/$1.

At the I&E segment, the value of FX transactions executed on Tuesday stood at $50.40 million, $83.90 million or 62.47 per cent lower than the $134.30 million achieved a day earlier.

However, in the interbank segment of the market, the Naira witnessed no movement against both the Pound Sterling and the Euro as it wrapped up at N509.96/£1 and N431.89/€1 respectively.

Meanwhile, the cryptocurrency market recorded a rebound as nine of the 10 tracked tokens were pointing north, with Dogecoin (DOGE) surging by 8.9 per cent to trade at $0.0865.

Litecoin (LTC) appreciated by 5.6 per cent to sell at $63.88, Ripple (XRP) recorded a 4.4 per cent gain to quote at $0.3879, Cardano (ADA) recorded a 3.9 per cent increase to settle at $0.5751, while Shiba Inu (SHIB) added 2.7 per cent to close at $0.00001635.

In addition, Solana (SOL) appreciated by 1.9 per cent to sell at $44.07, Ethereum (ETH) saw its value go up by 1.4 per cent to $1,901.79, Binance Coin (BNB) recorded a 0.7 per cent appreciation to trade at $319.12, Bitcoin (BTC) jumped by 0.3 per cent to sell at $24,068.32, while the US Dollar Tether (USDT) retained its stability at $1.00.

Share
Related Stories
Image
18-March-2024

Nigeria to Auction N450bn Bonds Today, Introduces New 3-Year Tenor

By Aduragbemi Omiyale Sovereign bonds worth N450 billion will be auctioned at the primary market on Monday, March 18, 2024, by the Debt Management Office (DMO) on behalf of the Nigerian government. The debt office is offering the paper for sale today in three tenors, with two re-opening and one being a new maturity, with each valued at N150 billion. Details of the proposed exercise showed that the DMO is selling N150 billion worth of the new three-year note, N150 billion worth of the re-opening seven-year paper, and N150 billion worth of the 10-year re-opening instrument. The debt office explained

Image
19-March-2024

Kebbi Customs Reaffirms Pledge to Facilitate Trade

By Bon Peters The Kebbi State Command of the Nigeria Customs Service (NCS) says it is poised to facilitate legitimate trade as it has reopened the Kamba border in compliance with the directive of the Comptroller General of Customs (CGC), Mr Adewale Adeniyi. The command’s image maker, Mr Mohammed Tajuddeen Salisu, a Superintendent of Customs, in a statement over the weekend, quoted the command’s Area Controller, Mr Iheanacho Ernest Ojike, as saying that Kamba is a strategic border with a major share in Kebbi revenue generation. He insisted that the reopening of the border was aimed at paving the way

Image
18-March-2024

BuyScrap Nigeria, Seven Others Win at Sustainable Enterprise Challenge Programme

By Adedapo Adesanya Eight winners emerged from the Sustainable Enterprise Challenge Programme (TSECP), sponsored by the British Council and Prince’s Trust International (PTI) and implemented by Nerdzfactory. The initiative, introduced to allow companies building for a sustainable future to hone the skills essential for navigating the modern business landscape, produced 16 finalists and eight winners, each receiving N250,000. The scheme saw 56 participants trained over four weeks, and the most effective 16 were selected from the rigorous programme. Among the winners were Blue Sands Stem Labs for the Most Innovative Business Idea; Mee Best Foods for the Most Societally Friendly

Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

More Stories
Image
24-March-2020

Naira Gains at Interbank, Depreciates at Other Segments

By Adedapo Adesanya  The Naira appreciated against the US Dollar at the interbank segment of the foreign exchange (forex) market on Monday, March 23, 2020 by N1 or 0.28 percent, trading at N360/$1 compared with N361/$1 it traded last Friday. At Bureaux De Change (BDC) segment of the market, the Naira depreciated in Lagos by N23 to close at N403/$1 in contrast to the previously traded rate of N380/$1. The domestic currency lost N10 against the pound to close at N485/£1 compared with N475/$1 and dropped N9 against the Euro to trade at N415/€1 in contrast to N406/€1 it previously exchanged.

Image
16-July-2020

Okonjo-Iweala Begs United States Not to Quit WTO

By Adedapo Adesanya In her bid to occupy the position of the Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has called on the United States not to leave the trade body. Rather, she said the world power should leave room for reforms. The former minister of finance in Nigeria, who is one of the eight candidates vying for the position, said “I would say to the President (of the US) that the WTO delivered for all countries, including the United States in the past.” “It is because of the multilateral rules-based trading system that we have had

Image
18-June-2018

Nigeria’s Foreign Reserves Gain $202m in 4 Days to Hit $47.6b

By Dipo Olowookere The nation’s external reserves are gradually swelling again after shrinking for several days, giving managers of the economy something to worry about. This is because the price of crude oil, the major commodity Nigeria earns foreign exchange from, was going up in the international market and it was expected that the reserves should be going up as well. Recall that when the foreign reserves were recording upward trajectory, the present administration of President Muhammadu Buhari went to the roof top to let Nigerians know things were going on fine, but since the reserves had been going down,

Image
15-July-2019

Fear as Man Hacks Wema Bank to Transfer N4m

By Modupe Gbadeyanka Reports of a young man claimed to be 19-year-old, but actually a 29-year-old, according to latest information, allegedly breaking into an account domiciled with Wema Bank Plc is creating panic among some customers of the financial institution. The reason for this fear is the safety of their deposits with the lender. It was reported in the media that last Wednesday, one Nonso Okereke, was arraigned before an Igbosere Magistrates’ Court in Lagos for allegedly hacking into a Wema Bank account in connivance with one 36-year-old Emeka Onumba to transfer N4 million. The Prosecutor, Inspector Ingobo Emby, who

Image
29-March-2019

Fidelity Bank Grows Profits by 30.6% to N25.1bn, Offers 11 Kobo Dividend

By Dipo Olowookere Fidelity Bank Plc, in a clear demonstration of its resilience and stability, has announced an impressive financial result for the year-ended December 31, 2018. The performance which capped a remarkable year, showed strong growth in Gross Earnings, Profits and other key financial indicators. The top Nigerian lender which has become the clear leader among Tier 2 banks, posted a 4.8 percent growth in Gross Earnings from N180.2 billion to N188.9 billion whilst Profit Before Tax soared by 30.6 percent to N25.1 billion, when compared with the 19.2 billion it recorded in 2017. Profit After Tax grew by

Image
12-November-2019

Gozem, Total Togo Enable Cashless Purchase of Fuel

Gozem, Africa’s transport app, and Total Togo, the leading oil distributor in Togo, have announced a strategic partnership to enable Gozem​’s partner​-drivers in Togo ​to have access to Total cards linked to their Gozem digital wallets. With this, drivers ​can directly use their Gozem earnings to buy fuel and related products, and professionally service their vehicles at all Total Togo service stations without cash. Every day, thousands of ​trips are completed by hundreds of drivers on the Gozem platform via motorcycles, ​auto-rickshaws and cars. With this agreement, Gozem and Total create value in Togo’s transport sector by facilitating driver access

Image
25-January-2018

SEC Must Audit Oando Despite Peace Deal with Mangal—Shareholders Insist

By Dipo Olowookere Shareholders of Oando Plc under the umbrella of Oando Shareholders Solidarity Group (OSSG) have maintained that the planned forensic audit of the company by the Securities and Exchange Commission (SEC) must continue despite the peace accord between the oil firm and Mr Dahiru Mangal, one of the shareholders, who wrote a petition to SEC against Oando. Making their position known in a statement issued on Tuesday, the shareholders, under the leadership of Mr Clement Ebitimi, emphasised that the exercise must not be thrown away because Mr Mangal has settled with the leadership of Oando. This month, a

Image
14-June-2017

Bargain Hunting May Lead to Initial Strength on Wall Street

By Investors Hub Major US index futures are pointing to a higher opening on Wednesday, with stocks poised to extend the upward move seen in the previous session. Traders may be reluctant to make significant moves ahead of the Federal Reserve’s monetary policy announcement this afternoon. The Fed is widely expected to raise rates by a quarter point, although traders will pay close attention to the accompanying statement for clues about the outlook for rates. Stocks moved to the upside early in the session and remained firmly positive throughout the trading day on Tuesday. With the upward move, the Dow

Ad
Ad
Recent Stories
Image
19-March-2024

Kebbi Customs Reaffirms Pledge to Facilitate Trade

By Bon Peters The Kebbi State Command of the Nigeria Customs Service (NCS) says it is poised to facilitate legitimate trade as it has reopened the Kamba border in compliance with the directive of the Comptroller General of Customs (CGC), Mr Adewale Adeniyi. The command’s image maker, Mr Mohammed Tajuddeen Salisu, a Superintendent of Customs, in a statement over the weekend, quoted the command’s Area Controller, Mr Iheanacho Ernest Ojike, as saying that Kamba is a strategic border with a major share in Kebbi revenue generation. He insisted that the reopening of the border was aimed at paving the way

Image
19-March-2024

TikTok, AU Commission Partner for Digital Safety Campaign

By Adedapo Adesanya TikTok and the African Union Commission (AUC) are teaming up to launch the Africa-wide #SaferTogether Campaign, aimed at educating and engaging youngsters, parents, teachers, and community leaders on digital safety through in-app and on-ground activities. The partnership will be carried out by a short-form video app and the African Union Commission’s Women, Gender, and Youth Directorate (WGYD) and is aimed at bolstering online safety awareness among the youth as well as parents, teachers and guardians in Africa. This innovative collaboration emerges at a critical moment, addressing the urgent need for digital safety amidst the unique challenges faced

Image
19-March-2024

Court Dismisses Olu Agunloye’s EFCC Abuse Suit, Orders N500,000 Payment

By Adedapo Adesanya The Federal High Court in Abuja has dismissed a suit filed by a former Minister of Power and Steel, Mr Olu Agunloye, alleging abuse of his fundamental rights and seeking to be shielded from investigation and prosecution by the Economic and Financial Crimes Commission (EFCC). In a statement following the court’s judgement on Monday, the anti-graft agency said the presiding judge, Mr Obiora Egwuatu, dismissed the suit for lacking in merit and awarded a cost of N500,000 against Mr Agunloye in favour of the EFCC. Dismissing the suit, the judge held that Mr Agunloye’s fundamental human right

Image
19-March-2024

International Breweries Wants Approval for $379.9m Loan, Convert to Equity

By Aduragbemi Omiyale An Extra-ordinary General Meeting (EGM) for shareholders of International Breweries Plc to approve the $379.9 million loan to the company from AB InBev Nigeria Holdings BV and convert this to equity is scheduled for Tuesday, April 9, 2024. This was confirmed by a statement signed by the company secretary, Mrs Marian Reginald-Ukwuoma, on Monday. It was disclosed that the meeting would take place at the External Ballroom of the Federal Palace Hotel in Lagos. Business Post gathered that International Breweries obtained a loan of $379.9 million from Citibank Abu Dhabi and AB InBev Nigeria, one of the

Image
19-March-2024

How Putin Won March 2024 Presidential Election

By Kestér Kenn Klomegâh After three days (March 15 to 17) of voting, Vladimir Putin is leading the Russian presidential election with 87.34% after 98% of ballots were counted, according to data from the Russian Central Elections Commission. Undoubtedly it gives Putin, who has been in power since the last days of 1999, another six-year term (2024-2030) to lead Russia, and to pursue with much vigour its foreign policy ambitions in the international system and push forward the much-trumpeted multipolar configuration with a focus on Global South. Putin’s assertive control over the political landscape has been solidified due to the

Image
19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May