Naira Falls To N430 Per Dollar At Official Market

The value of the Naira at the Investors and Exporters (I&E) window of the forex market fell to N4299.44 per dollar on Wednesday.

The Nigerian currency had traded at a record high of N453.2/$1 during intra-day trading before moderating to N429.44/$1 on Wednesday. Data from FMDQ Securities Exchange showed that traders transacted FX worth $109.47 million.

In the Peer-to-Peer market, the value of the local currency waned by N2 or 0.28 per cent yesterday to settle at N712/$1 compared with the previous day’s value of N710/$1.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange appreciated to N693.2/$1 on Thursday morning from N699.04/$1 recorded as of the same time on Wednesday. This represents a 0.84% gain against the US dollar in the P2P market.

In the interbank segment of the market, the Nigerian Naira closed stronger than the Pound Sterling on Wednesday by N1.25 to N494.14/£1 from the preceding session’s N495.39/£1 and against the Euro, it lost N2.08 to close at N425.33/€1 versus N423.25/€1.

As for the digital currency market, eight of the 10 benchmarked cryptos tracked were on the losing side as pressure returned to the market space.

Binance Coin (BNB) shed the highest as slid by 3.9 per cent to sell for $277.72, Solana (SOL) recorded a 3.6 per cent slide to quote at $31.28, while Ethereum (ETH) saw its value go down by 3.4 per cent to trade at $1,550.94.

On the other hand, Dogecoin (DOGE) depreciated by 3.3 per cent to settle at $0.061, Cardano (ADA) declined by 2.9 per cent to trade at $0.4468, Ripple (XRP) recorded a 2.2 per cent slump to sell at $0.3252, Bitcoin (BTC) depreciated by 1.6 per cent as it sold for $20,056.28, while the value of Litecoin (LTC) went down by 0.1 per cent to trade at $54.59.

However, the value of Binance USD closed flat at $1.00 as the US Dollar Tether (USDT) sustained stability at $1.00.