Economy
Naira Trades N430/$1 at Official Market, N700/$1 at Unofficial Market
By Adedapo Adesanya
The Naira on Thursday, September 2 witnessed a fall against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market.
During the session, the local currency lost 56 Kobo or 0.13 per cent against the greenback to close at N430.00/$1 in contrast to the previous day’s value of N429.44/$1.
The weakening of the indigenous currency occurred despite a decline in the demand for forex at the official market as the value of trades decreased by 31.8 per cent or $34.79 million to $74.68 million from the preceding session’s $109.47 million.
However, the Naira maintained stability against the Dollar in the Peer-to-Peer market segment yesterday as it remained unchanged at N712/$1.
In the parallel market, the Nigerian currency appreciated against its American counterpart by N1 to sell for N700/$1 compared with Wednesday’s rate of N701/$1, according to data obtained by Business Post from currency traders.
In the interbank window, the Naira also gained against the Pound Sterling by N2.59 as it was sold at N491.55/£1 versus the midweek’s session’s N494.14/£1. The domestic currency was strengthened against the Euro at the same market window yesterday by 24 Kobo to N425.09/€1 from N425.33/€1.
Meanwhile, at the cryptocurrency market, the majority of the 10 tokens monitored by this newspaper appreciated in value, with Litecoin (LTC) rising by 3.6 per cent to trade at $57.06.
Dogecoin (DOGE) made a 1.9 per cent improvement to quote at $0.0623, Ethereum (ETH) also went up by 1.9 per cent to sell at $1,590.15, Ripple (XRP) recorded a 1.8 per cent growth to settle at $0.3332, Cardano (ADA) expanded by 1.4 per cent to $0.4572, Solana (SOL) appreciated by 0.3 per cent to trade at $31.61, while Bitcoin (BTC) added 0.5 per cent to its value to sell at $20,133.09.
Binance Coin (BNB) was the only loser as it went down by 0.5 per cent to $277.84, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged during the session at $1.00.
