Nigerian Currency Loses 67 Kobo to Trade at N394/$1 at I&E

nigerian currency

By Adedapo Adesanya; additional report by Ahmed Rahma

The local currency depreciated by 67 kobo or 0.17 per cent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, January 12, closing at N394/$1 in contrast to N393.33/$1 it ended at the segment on Monday.

This weakening of the value of the domestic currency at the I&E window yesterday happened despite a decline in the demand for the greenback at the market segment.

At the close of the session, transactions worth $36.07 million were recorded in contrast to the previous session’s $61.73 million, indicating a decrease by 41.6 per cent or $25.66 million.

Business Post reports that at the interbank segment of the forex market, the exchange rate of the Naira to the Dollar remained unchanged as the Central Bank of Nigeria (CBN) still auctioned the greenback to banks at N379/$1.

At the Bureaux De Change (BDC) window, the value of the domestic currency against it American counterpart remained static on Tuesday at N395/$1 and at the parallel market, the Naira traded flat against the Dollar during the session at N475/$1.

However, it depreciated against the Pound Sterling by N2 in value against the Pound to sell for N637/£1 in contrast to the previous day’s value of N635/£1 and gained N2 against the Euro to settle at N580/$1 versus N582/$1 it was exchanged on Monday.

Meanwhile, at the cryptocurrency market, the Bitcoin’s recent dip continued yesterday, losing 5.4 per cent to sell for N15,990,828.08, while the Dash (DASH) recorded a 5.8 per cent loss to sell at N62,198.99.

Also, Ethereum (ETH) depreciated by 4.6 per cent to trade at N498,692.12, Ripple (XRP) fell by 4.3 per cent to trade at N140.75, while Litecoin (LTC) went down by 1.9 per cent to settle at N65,162.52.

But the United States Dollar Tether (USDT) gained 0.8 per cent on Tuesday to sell for N488.93, while the Tron (TRX) appreciated by 0.3 per cent to trade at N14.10.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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