Naira’s Woes Worsen at I&E, Depreciates to N397.63/$1

By Ahmed Rahma, Adedapo Adesanya

The woes of the Naira continued at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday as it further depreciated against the Dollar.

During the session, the domestic currency was further weakened by N2.13 or 0.54 per cent to close at N397.63/$1 in contrast to N395.50/$1 it finished on Wednesday.

It was observed that the value of the Nigerian currency declined yesterday despite a decrease in the FX demand by customers as only $47.72 million worth of transactions were recorded at the session, $4.87 million or 9.3 per cent lower than the $52.59 million recorded the day before.

But at the parallel market, the local currency extended its stability against the greenback on Thursday as it traded at N480/$1. It also traded flat against both the Pound Sterling and the Euro at N655/£1 and N580/€1 respectively.

Equally, at the Bureaux De Change (BDC) market, the exchange rate of the Naira to the US Dollar remained unchanged at N39/$1 at the session, according to data gathered from the Association of Bureau De Change Operators of Nigeria (ABCON).

In the same vein, the value of the Naira to the greenback remained unchanged at the interbank segment of the market yesterday at N379/$1.

Meanwhile, at the cryptocurrency market, Business Post gathered that Ripple (XRP) was the only token which appreciated on Thursday as it grew by 13.2 per cent to sell at N215.00.

But the Bitcoin (BTC) lost 0.5 per cent to sell for N17,803,263.15, the Ethereum (ETH) declined by 2.9 per cent to sell at N782,536.40, while the Dash (DASH) fell by 0.3 per cent to trade at N54,700.

Also, the Litecoin (LTC) lost 2.1 per cent to trade at N71,749.99, the Tron (TRX) went down by 0.2 per cent to quote at N16.27, while the US Dollar Tether (USDT) declined by 0.2 per cent to sell for N484.70.