Naira fall To N437 Against Greenback At I&E Window

...forex demand surges by 95%

The Nigerian currency fell to N437 per in the Investors and Exporters window following a 95% surge in demands.

Naira fall To N437 Against Greenback At I&E Window
Crashes To N437/$ At Official Market

The domestic currency was weakened due to a surge in requests during the session by 95.2 per cent or $113.81 million to $223.30 million from $119.49 million.

In the P2P window, the value of the Nigerian currency depreciated against the by N1 to close at N749/$1 in contrast to the N748/$1 it was quoted in the midweek session.

In the parallel market, the local currency lost N7 or 0.96 per cent against the greenback to trade at N735/$1 compared with Wednesday’s rate of N728/$1.

Furthermore, in the interbank segment, the depreciated against the Pound Sterling yesterday by N11.34 to close at N469.88/£1 in contrast to the previous day’s rate of N458.54/£1 and against the Euro, it slid by N6.77 to end the day at N420.75/€1 versus Wednesday’s value of N413.98/€1.

Meanwhile, the cryptocurrency market continued to behold bearish sentiments as investors’ appetites remained on the side of caution, with Bitcoin (BTC) slumping by 0.3 per cent to sell at $19,468.12, and Ethereum (ETH) losing 0.5 per cent to sell at $1,332.84. Dogecoin (DOGE) went down by 0.3 per cent to trade at $0.0607, and Binance Coin (BNB) recorded a 0.1 per cent depreciation to trade at $283.73.

However, Ripple (XRP) recorded a 9.9 per cent jump to trade at $0.4871, Solana (SOL) appreciated by 0.9 per cent to sell at $34.05, Litecoin (LTC) added 0.4 per cent to close at $53.82, and Cardano (ADA) recorded a 0.3 per cent increase to sell at $0.4372.

Binance USD (BUSD) and the Tether (USDT) closed flat at $1.00 each.

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