Naira Sells N417/$1 at I&E Window, N585/$1 at P2P

By Adedapo Adesanya

The Naira depreciated by 0.08 per cent or 33 kobo against the United States Dollar on Monday, April 11 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market as it was exchanged at N417.00/$1 compared with the previous session’s exchange rate of N416.67/$1.

However, the domestic currency suffered a decline of 12 kobo against the Pound Sterling at the spot market, trading at N542.25/£1 compared to the previously traded rate of N542.37/£1 and against the Euro, it lost N1.75 to settle at N453.66/€1 in contrast to the previously quoted rate of N451.91/€1.

Business Post reports that at the Peer-2-Peer (P2P) window of the market, the Naira depreciated against the American Dollar yesterday by N1 as it closed at N585/$1 compared with N584/$1 it traded last Friday.

At the digital currency market, it was largely bearish as nine of the 10 coins monitored across the various exchanges depreciated as investors abandon mining equipment due to fresh regulations by China.

China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in the latest wave of restrictions on cryptos.

The country’s central bank, the People’s Bank of China, had previously banned digital coins after announcing all transactions of cryptocurrencies are illegal.

As a result of this, Cardano (ADA) declined by 11.1 per cent to sell at N602.14, Solana (SOL) depreciated by 11.0 per cent to N59,538.37, Dash (DASH) moved downward by 10.9 per cent to sell for N58,014.27, while Dogecoin (DOGE) saw a 10.6 per cent slump to trade at N82.

Ripple (XRP) went down by 8.9 per cent to trade at N412.75, Litecoin (LTC) dropped 8.4 per cent to quote at N60,700, Ethereum (ETH) decreased by 8.2 per cent to sell at N1,773,825.01, Bitcoin (BTC) retreated by 6.7 per cent to N24,522,000.0, while Binance Coin (BNB) recorded a 6.6 per cent fall to trade at N165,212.90.

However, the US Dollar Tether (USDT) appreciated yesterday by 0.1 per cent to N592.97.