Value of Naira Sinks to N480/$1 at Black Market

November 20, 2020
devalue naira
Image Credit: Jean Chung/Bloomberg

By Adedapo Adesanya

The Nigerian currency put up another woeful performance on Thursday at the foreign exchange market, declining against the three major external currencies at the parallel market; the Dollar, Pound Sterling and Euro.

According to data obtained by Business Post from AbokiFX, a platform that tracks the Naira exchange rate at the black market, the value of the Naira further depreciated against the US Dollar yesterday by N2 to close at N480/$1 in contrast to the N478/$1 it ended at the last session.

Also, against the British currency, the the Nigerian currency depreciated by N13 to trade at N620/£1 compared with N607/£1 of the prior session and against the Euro, the local currency equally lost N13 as it closed at N570/€1 compared to the previously quoted rate of N557/€1.

However, the local currency recorded a different outcome against the US Dollar at the Investors and Exporters (I&E) window, where it appreciated by 50 kobo or 0.13 per cent to close at N385.50/$1 compared to N386/$1 it closed at the midweek trading day.

This occurred despite the 526.0 per cent or $172.96 million rise in the daily turnover to $205.84 million from the previous day’s $32.88 million.

But at the Bureaux De Change (BDC) segment of the market, data from the Association of the Bureaux De Change Operators of Nigeria (ABCON) showed that the Naira/Dollar exchange rate remained flat at N386/$1.

Similarly, the exchange rate of the Naira to the United States Dollar remained unchanged at the interbank window at N379/$1.

Meanwhile, a look at the cryptocurrency market showed that yesterday, the Litecoin was the day’s largest gainer, jumping by 10.8 per cent to trade at N39,250.98,

The Dash (DASH) gained 3.7 per cent to sell for N39,878.80, Ripple (RPX) made a 3.6 per cent gain to trade at N145.14, Bitcoin appreciated by 0.1 per cent to N8,523,201.00, while the US Dollar Tether (USDT) rose by 0.9 per cent to sell for N483.37.

However, the Ethereum (ETH) went down by 3.7 per cent to sell for N229,192.90, while the Tron (TRX) depreciated by 1.1 per cent to N12.61.

Adedapo Adesanya

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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