Nigerian Naira Loses 9 kobo Against Dollar at Spot Market

By Adedapo Adesanya

The Nigerian Naira weakened against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, November 2.

At the spot market, the value of the local currency depreciated by 9 kobo or 0.02 per cent against the greenback to N415.07/$1 from the preceding day’s N414.98/$1.

The Naira suffered this loss despite the market window recording a decline in the value of transactions as data showed that the FX turnover for the day went down by 61.0 per cent or $98.06 million.

According to FMDQ Securities Exchange, transactions worth $62.58 million were carried at the I&E segment yesterday in contrast to the $160.64 million executed at the previous session.

A look at the interbank window of the forex market indicated that the domestic also witnessed the same outcome as its value depreciated against the American currency by 4 kobo or 0.01 per cent as it traded at N411.21/$1 versus N411.17/$1 it was sold on Monday.

However, the Naira appreciated against the British Pound Sterling at the interbank window on Tuesday by N4.99 to trade at N561.63/£1 in contrast to the previous day’s N566.62/£1 and also appreciated against the Euro by N2.79 to trade at N475.89/€1 compared with N478.68/€1 it was traded on Monday.

Meanwhile, the cryptocurrency market was largely bullish on Tuesday as interest in the digital assets begin to grow with Bitcoin (BTC) rising by 1.5 per cent to trade at N35,348,941.20 and Ethereum (ETH) growing by 4.3 per cent to trade at N2,502,998.00.

In addition, Tron (TRX) jumped by 9.1 per cent to sell for N60.93, Ripple (XRP) rose by 4.9 per cent to trade at N639.94, Dash (DASH) gained 2.7 per cent to sell at N109,860.46, Cardano (ADA) improved by 0.8 per cent to sell at N1,170.96, Dogecoin (DOGE) went north by 0.6 per cent to N164.52, while Binance Coin (BNB) grew by 0.4 per cent to trade at N228,742.27.

But the value of Litecoin (LTC) went down yesterday by 0.8 per cent to sell at N110,712.87, while the US Dollar Tether (USDT) depreciated by 0.2 per cent to settle at N568.99.