Naira Now N617/$ at Peer-to-Peer, N605/$1 at Parallel Market

Image

By Adedapo Adesanya

The Naira appreciated by N1 or 0.16 per cent against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market on Monday to close at N624/$1 compared with last Friday’s N618/$1.

At the parallel market, according to data harvested by Business Post from the various traders of forex on the streets of Lagos, the Nigerian currency was exchanged against its American counterpart at N605/$1.

At the interbank market, the local currency appreciated against the Pound Sterling by 20 kobo to trade at N509.82/£1 versus the preceding session’s N510.02/£1 but against the Euro, it lost N1.89 to sell for N439.49/€1 compared with last session’s value of N437.60/€1.

Also, at the Investors and Exporters (I&E) segment, which is the official market, the Naira recorded a 0.21 per cent or 88 kobo loss against the American Dollar as it was sold at N421/$1 in contrast to last Friday’s N420.12/$1.

The domestic currency was weakened despite a $10.02 million or 6.1 per cent slide in the turnover for the trading day as forex worth $152.96 million exchanged hands compared with the $162.98 million recorded in the preceding session.

Meanwhile, the cryptocurrency market saw the value of TerraClassicUSD (USTC) rising by 33.0 per cent yesterday to $0.0191 as other digital coins monitored by this newspaper struggled for life.

Dogecoin (DOGE) depreciated by 7.2 per cent to trade at $0.0695, Solana (SOL) recorded a 6.4 per cent slide to sell at $37.38, Ripple (XRP) went down by 6.0 per cent to trade at $0.3429, while Litecoin (LTC) followed with a 5.9 per cent depreciation to quote at $54.41.

Further, Cardano (ADA) slumped by 3.8 per cent to settle at $0.4798, Ethereum (ETH) suffered a 3.6 per cent loss to trade at $1,174.74, Bitcoin (BTC) recorded a 2.3 per cent retreat to sell at $20,642.92, Binance Coin (BNB) declined by 1.7 per cent to finish at $232.0, while the US Dollar Tether (USDT) moderated by 0.05 per cent to sell for $0.999.

Share
Related Stories
Image
14-March-2024

Binance and Nigerian Law Enforcement: Partnership to Foster Responsible Growth

For Binance, complying with the applicable laws and regulations in the countries where we operate is a top priority. We proactively engage with regulators and law enforcement whenever we can contribute insight, intelligence, or expertise to help protect users, identify and prosecute criminals, or stop or prevent unlawful activity. This is the definition of collaborative security in the crypto space that we have pledged to strengthen. In light of recent news, we would like to share some facts and numbers that demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously. Even though

Image
18-March-2024

Consumers Must Know Key Information About Products, Services—Dangote

By Aduragbemi Omiyale Manufacturers and others have been charged to focus on consumers’ rights, as they are entitled to know all the key information on the products and services they are paying for. This was the submission of the Group Executive Director for Commercial Operations at Dangote Industries Limited (DIL), Ms Fatima Aliko Dangote. The daughter of Africa’s richest man, Mr Aliko Dangote, while speaking last Friday in Lagos, stressed that the information must be accurate, transparent, and easily understandable. “In these days of artificial intelligence, where consumers are buffeted with information on many products and services which may turn

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

More Stories
Image
07-May-2017

EFCC Begs World Bank for $42.12m

By Dipo Olowookere The Economic and Financial Crimes Commission (EFCC) has appealed to the World Bank Group for the sum of $42.12 million to enable it use for the completion of its permanent site in Abuja. Acting Chairman of the EFCC, Mr Ibrahim Magu, disclosed that the approval of the money would go a long way in enabling the agency achieve more successes. Mr Magu said at the moment, the EFCC carries out its operations in rented offices scattered around town, exposing the commission to risk of confidentiality and coded surveillance by outsiders. The EFCC boss, while receiving the Director

Image
15-December-2022

Microsoft, Viasat Partner to Broaden Internet Access to Nigerians, Others

By Adedapo Adesanya Microsoft and Viasat on Thursday announced a new partnership to help deliver internet access in Nigeria as part of a wider reach to 10 million people around the globe, including 50 per cent across Africa. Viasat, a global communications company, is the first satellite partner to work with Microsoft’s Airband Initiative and together, they will deepen Airband’s work in the Democratic Republic of the Congo, Nigeria, Guatemala, Mexico and the United States, as well as prioritize expanding the program, Senegal, and Angola to deliver much-needed internet connection, often for the first time. This first-of-its-kind global partnership for

Image
30-June-2020

Don Jazzy Gives Woman 100k After Lying About VBank

Renowned music producer and showbiz entrepreneur, Mr Michael Collins Ajereh, otherwise known as Don Jazzy, has once again showed why he is a darling of many. The Mavin Records boss further extended his generosity to a woman who lied to him about his bank known as VBank. Don Jazzy promoted his VBank on his Twitter page recently, but the woman, while responding to the entertainer’s tweet, insinuated that Don Jazzy has been lying about the services and charges of the financial institution. According to the woman, she was charged when she made a transaction with VBank contrary to what Don

Image
19-September-2023

Dangote Refinery to Produce 370,000b/d Diesel, Jet Fuel from October

By Adedapo Adesanya The management of Dangote Refinery has said it would get its first cargo of crude in the next two weeks and then begin producing up to 370,000 barrels per day of diesel and jet fuel from October. During the commissioning of the 650,000 barrels per day facility in May, the chairman of the company, Mr Aliko Dangote, said the first production would happen in July or August, but this has since been delayed. Now, Dangote Group Executive Director, Mr Devakumar Edwin, told S&P Global Commodity Insights that, “Right now, I’m ready to receive crude,” adding that, “We

Image
20-December-2016

Merck, UNESCO Empower Women, Girls in STEM

By Dipo Olowookere Following the success of Merck Cancer Access Program to empower women in oncology field where they are underrepresented, comes another successful initiative for MERCK to empower African women in research to offer better health care to women. After receiving his ‘African Alliances HE for SHE’ award for women empowerment, Prof Frank Stangenberg-Haverkamp has successfully achieved another commitment to empower women in research in an effort to bridging the gap in gender inequality in STEM Africa. UNESCO and Merck celebrate outstanding African Women Researchers as a historical first. Kenya, Botswana, Burkina Faso, Gabon, Uganda, Ethiopia ranked in the

Image
31-January-2017

NCDMB Stops Importation of PPEs for Oil Operations

By Modupe Gbadeyanka The Nigerian Content Development and Monitoring Board (NCDMB) has promised to stop operators in the oil and gas industry from importing personal protective clothing otherwise called coveralls as there exist sufficient local production capacity. NCDMB described the importation of items like coverall as a negation of the tenets of the Nigerian Content Act. Speaking last Thursday at the commissioning of Kay Global Garment Factory in Warri, Delta State, the Executive Secretary of NCDMB, Engr. Simbi Wabote, promised to “ensure that players in the oil and gas industry stop immediate importation of coveralls. We will clamp down on

Image
13-September-2023

Shettima to Join World Leaders at G77 Summit

By Bliss Okperan The Vice President, Mr Kashim Shettima, will join some world leaders at the Group of 77 (G77) Summit scheduled to take place from Friday, September 15 to Sunday, September 17, 2023 in Cuba. The VP will be representing President Bola Tinubu at the programme themed Current Development Challenges: The Role of Science, Technology and Innovation. The summit will be hosted by the Chairman of the group and President of Cuba, Mr Miguel Díaz-Canel. At the meeting, developmental disabilities will be discussed. Mr Shettima is leaving the country today, Wednesday, September 13 to Havana, the Cuban capital. He

Image
26-September-2017

Ikeja Electric Assures Customers More Power Supply

By Dipo Olowookere The management of Ikeja Electric, Nigeria’s largest power distribution company, has assured its customers that they would continue to enjoy more electricity. The firm said in recent times, it has spent over N150 million to carry out major rehabilitation work at Ogudu Injection Substation, in a bid to improve power supply in its network, especially across Ojota, Ogudu, Soluyi, Gbagada, Alapere, Oriola and environs. Ikeja Electric’s Head of Corporate Communications, Mr Felix Ofulue, explained that the rehabilitation became necessary as a result of frequent breakdown occasioned by obsolete equipment at the Injection Substation, which most times resulted

Ad
Ad
Recent Stories
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

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry