Naira Falls To N705 Per Dollar At Parallel Market

The value of the naira fell to N705 per dollar at the black market on Tuesday, OduNews reports.

At the Investors and Exporters’ foreign exchange window, the Naira shed N3.45 from N431.30 it opened the day on Monday, September 5, 2022, to N434.75 at the close of business. This represents a decline of N5.13 or 1.2% from the N429.62 it traded on August 15, 2022.

Currency traders at the Investors and Exporters’ foreign exchange window transacted $99.68 million in trade on Monday, according to the data available at the FMDQ managed forex window.

At the Central Bank of Nigeria’s (CBN) regulated foreign exchange section, the Naira was exchanged at N426.28 to the United States while against the British Pounds Sterling it was transacted at N490.2646 on Monday.

The Naira traded at N422.9124 against the Euro common currency.

Bitcoin continues to trade below the $20,000 a coin price level ahead of Ethereum merge scheduled for September 15 to 16.

The highly risky and uncertain process is necessary to move the Ethereum protocol from Proof of Work (PoW) to Proof of Stake (PoS), a process largely expected to reduce gas fees (charges on Ethereum transfer) substantially and help bolster its attractiveness to global project inventors.

On Tuesday, Ether, the token of Ethereum, appreciated by 4.23% to ₦1,169,556 or $1,667.09 per coin while Bitcoin lost 0.31% to ₦13,868,843 or $19,827.62 a coin.

BNB, Binance token, appreciated by 1.98% to ₦197,649 or $280.76 per coin.