Naira Slides to N416.75 Per Dollar at I&E FX Market

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By Adedapo Adesanya

The Naira recorded an 8 kobo or 0.02 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, trading at N416.75/$1 compared with N416.67/$1 it was traded on Thursday.

This occurred despite the I&E FX market window recording a low turnover as the value of transactions declined by 49.6 per cent or $62.99 million to $64.03 million from the $127.02 million achieved at the previous session.

The story was different with the Pound Sterling as the Naira depreciated by N2.46 to close at N567.14/£1 compared with N564.68/£1 it was transacted a day earlier but against the Euro, the local currency appreciated yesterday by N1.04 to settle at N473.08/€1 versus N474.12€1 of the preceding session.

For yet another session at the Peer-2-Peer (P2P) foreign exchange window, the Naira showed no movement against the United States Dollar as it retained the previous day’s value of N574/$1 on Friday.

Meanwhile, at the cryptocurrency market, the bears maintained control as a result of news from the United States concerning digital coins.

During the session, seven of the 10 major cryptos monitored by Business Post were in the red territory, with Ethereum (ETH) losing 3.2 per cent to sell at N1,632,931.34 and Solana (SOL) retreating by 2.7 per cent to sell at N55,085.49.

Cardano (ADA) made a 2.4 per cent fall to trade at N601.16, Dash (DASH) lost 1.1 per cent to trade at N43,988.56, Bitcoin (BTC) saw its value drop 1.2 per cent to settle at N23, 306,339.50, Litecoin (LTC) moved downwards by 0.9 per cent to quote at N67,901.32, while Binance Coin (BNB) lost 0.5 per cent to trade at N166,908.25.

But Ripple (XRP) appreciated by 0.7 per cent to sell at N486.01, the US Dollar Tether (USDT) improved by 0.2 per cent to trade at N580.39, Dogecoin (DOGE) went up by 0.1 per cent to sell for N83.13.

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