Naira Sells N745/$1 at Parallel Market, N441.38/$1 at I&E

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By Adedapo Adesanya

The exchange rate of the Naira to the United States Dollar closed mixed on Friday at the different segments of the foreign exchange (FX) market in Nigeria.

At the official market, which is the Importers and Exporters (I&E) segment of the market, the Naira appreciated against the American Dollar yesterday by 45 Kobo or 0.1 per cent to sell at N441.38/$1 compared with the preceding day’s value of N441.83/$1.

Data from the FMDQ Securities Exchange showed that the value of forex transactions slightly went up by 6.8 per cent or $4.38 million to $69.18 million from the $64.80 million recorded in the preceding session.

But in the parallel market window, the domestic currency depreciated against the US currency on Friday by 1.36 per cent or N10 to sell at N745/$1 compared with the previous day’s exchange rate of N735/$1.

Earlier in the day, precisely at noon, the Nigerian currency crashed against the greenback by 2.04 per cent or N15 to trade at N750/$1 amid forex scarcity.

In the Peer-to-Peer (P2P) window, the local currency depreciated against the Dollar by N5 to close at N750/$1 compared with Thursday’s N745/$1.

However, in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro on Friday at N491.35£1 and N424.89/€1, respectively.

The cryptocurrency market recorded a bearish outcome yesterday as most of the digital currencies tracked by Business Post pointed south, with Solana (SOL) losing 5.0 per cent to sell at $29.96.

Cardano (ADA) recorded a 4.3 per cent depreciation to sell at $0.3669, Bitcoin (BTC) made a 3.1 per cent fall to trade at $19,174.33, Dogecoin (DOGE) shed 2.7 per cent to trade at $0.0586, Ethereum (ETH) saw its value go down by 2.4 per cent to quote at $1,294.29, Ripple (XRP) recorded a 2.2 per cent loss to trade at $0.3849, and Binance Coin (BNB) recorded a 1.6 per cent depreciation to settle at $270.29.

In addition, Litecoin (LTC) slumped by 1.4 per cent to trade at $51.40, Binance USD (BUSD) dropped 0.06 per cent to close at $0.0097, while the US Dollar Tether (USDT) closed flat at $1.00.

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