Naira Weakens to New Low at Official Market at N464.67/$1

By Adedapo Adesanya

The value of the Naira depreciated against the United States Dollar to a new low in the Investors and Exporters (I&E) window of the foreign exchange market.

According to data obtained by Business Post, the Naira weakened by 67 Kobo or 0.14 per cent to settle at N464.67/$1 compared with the preceding session’s N464.00/$1.

The FMDQ Securities Exchange revealed that the value of forex transactions in the official market sharply increased by 130.9 per cent or $72.12 million to $127.22 million from the $55.10 million recorded in the preceding day.

Also, in the parallel market, the domestic currency lost N1 against the Dollar yesterday to quote at N744/$1, in contrast to Monday’s exchange rate of N743/$1.

However, at the Peer-2-Peer (P2P) segment, the local currency maintained stability against the greenback as it closed flat during the session at N758/$1.

Also, in the interbank window, the exchange rate of the Naira to the Pound Sterling and the Euro remained unchanged on Tuesday at N577.12/£1 and N512.34/€1, respectively.

Meanwhile, the digital currency market was mixed on Tuesday as investors were met with below-than-expected US retail sales figures. Following two months of declines, sales in the United States were expected to rebound as inflation cooled off.

Inflation, the pace at which prices rise, was 4.9 per cent in the 12 months to April, official figures show, down from 5 per cent in March.

Bitcoin (BTC) lost 0.4 per cent to sell at $27,038.64, Solana (SOL) slumped by 0.3 per cent to $20.85, and Binance Coin (BNB) went down by 0.1 per cent to $312.14.

But Ethereum (ETH) grew by 0.5 per cent to $1,823.25, Ripple (XRP) jumped by 7.2 per cent to $0.4566, Litecoin (LTC) improved by 4.7 per cent to $92.87, Cardano (ADA) appreciated by 1.5 per cent to $0.3721, and Dogecoin (DOGE) increased its value by 1.4 per cent to sell at $0.07296, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 apiece.