Value of Naira Further Declines at I&E

By Adedapo Adesanya

The local currency on Tuesday, May 11 further depreciated by 58 kobo or 0.14 per cent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market to close at N411.25/$1 in contrast to N410.67/$1 it ended at the previous session.

This decline in the value of Naira at the I&E window yesterday was further heightened by pressure from the demand for FX at the market.

According to data obtained by Business Post, the value of transactions at the market segment increased by $65.72 million or 201.5 per cent as trades worth $98.33 million were executed compared with the previous session’s $32.61 million.

However, at the other segments of the FX market yesterday, the local currency sustained its stability against the American currency as it closed flat at N379/$1 at the interbank window.

At the unregulated window, the domestic currency traded flat against the Dollar at N483/$1 and also closed flat against the Pound Sterling at N673/£1 but depreciated against the Euro by N1 to quote at N581/€1 in contrast to N580/€1 it traded on Monday.

Meanwhile, at the cryptocurrency market yesterday, the major coins monitored by this newspaper moved in different directions with the Bitcoin (BTC) losing 2.8 per cent to trade at N27,609,137.99.

Also, the Litecoin (LTC) depreciated by 2.0 per cent to trade at N195,000, while the United States Dollar Tether (USDT) went down by 6.6 per cent to sell for N513.66.

On the flip side, the Ethereum (ETH) had a good day on Tuesday as its value improved by 7.6 per cent to quote at N2,066,697.86, the Ripple (XRP) appreciated during the trading session by 4.2 per cent to sell at N749.99, the Tron (TRX) jumped by 9.7 per cent to N71.30, while the Dash (DASH) gained 0.1 per cent to sell at N213,000.00.