Naira Falls To N686/$ At Parallel Market, Sheds 0.09% At I&E Window

The rate of the naira against the dollar fell to N686 at the parallel market as against the N684 it traded the previous day.

At the Investors and Investors and Exporters (I&E) window of the foreign exchange market, the naira recorded 0.09% representing 38 kobo.

Data from the FMDQ Securities Exchange showed that the exchange rate of the Naira to the Dollar stood at N429.43/$1 yesterday compared with last Friday’s value of N429.05/$1.

This depreciation occurred amid a significant rise in the demand for forex at the investors’ FX window, with many business owners making efforts to jostle for the few available in the system.

The turnover for the session stood at $161.94 million, 222.5 per cent or $111.72 million higher than the $50.22 million achieved on the preceding trading day.

However, the local currency gained strength against its American counterpart in the Peer-to-Peer (P2P) segment of the market, appreciating by N1 to sell for N699/$1 compared with the previous day’s N700/$1.

Also, the domestic currency appreciated against the British Pound Sterling at the interbank segment by 14 Kobo yesterday to sell for N498.42/£1 in contrast to last Friday’s exchange rate of N498.56/£1 and against the Euro, it gained N5.86 to close at N421.96/€1 versus N427.82/€1 of the preceding session.

In the cryptocurrency market, transactions remained bearish, with Solana (SOL) losing 2.5 per cent to sell at $35.33 and Shiba Inu (SHIB) recording a 1.4 per cent drop to trade at $0.00001318.

Bitcoin (BTC) fell by 0.9 per cent to trade for $21,283.29, Ripple (XRP) went lower by 0.3 per cent to $0.3395, and Dogecoin (DOGE) followed with a 0.2 per cent fall to trade at $0.0685 while the United States Dollar Tether (USDT) slid by 0.01 per cent to trade at $0.9999.

But Litecoin (LTC) appreciated by 2.5 per cent to quote at $56.01, Binance Coin (BNB) improved by 0.5 per cent to $299.41, Ethereum (ETH) rose by 0.4 per cent to sell at $1,611.96, while Cardano (ADA) recorded a 0.04 per cent gain to sell at $0.457.