Naira Slides 0.16% Against Dollar at Official FX Market

By Adedapo Adesanya

The Naira recorded a 0.16 per cent or 67 kobo loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday.

The Naira was traded at the official FX market yesterday at N415.07/$1 compared with the preceding session’s exchange rate of N414.40/$1.

This occurred as the value of transactions at the market segment remained unchanged during the session at $69.63 million.

Also, at the interbank window of the forex market, the value of the domestic currency to its American counterpart depreciated on Monday by 5 kobo as it closed at N411.63/$1 in contrast to N411.59/$1 it was traded last Friday.

But against the Pound Sterling, the local currency appreciated by N1.84 at the FX market segment yesterday at N553.39/£1 compared to the previously traded rate of N555.23/£1 and against the Euro, the indigenous currency gained N2.84 to sell for N464.15/€1 in contrast to N466.99/€1 it was sold at the preceding trading session.

At the digital currency market, it was still largely bearish as eight of the 10 coins monitored by Business Post were in red, with Tron (TRX) leading after a decline of 6.3 per cent to sell at N58.01.

Litecoin (LTC) moved down by 5.7 per cent to trade at N117,279.12, Binance Coin (BNB) slid by 5.4 per cent to quote at N228,204.44, Ripple (XRP) depreciated by 5.1 per cent to close at N613.66, Cardano (ADA) went south by 5.0 per cent to trade at N1,010.25, Dogecoin (DOGE) fell by 3.6 per cent to sell at N127.18, Dash (DASH) lost 2.8 per cent to trade at N108,323.12, while Bitcoin (BTC) declined by 2.6 per cent to settle at N32, 040,002.74.

On the gainers’ side, the US Dollar Tether (USDT) led with a price appreciation of 0.9 per cent to sell for N560.65, while Ethereum (ETH) recorded a 0.3 per cent gain to sell at N2,399,767.82.