Naira Falls To N760 Per Dollar At Black Market Despite Scarcity

As Nigerians continue to face the brunt of the rushed-up naira redesign policy, the naira fell to N760 against the dollar at the black market on Friday.

At the Investors & Exporters window, the value of the Naira depreciated by 50 Kobo or 0.11 per cent to close at N462.00/$1 compared with the previous day’s N461.50/$1.

This came as daily turnover published by FMDQ Securities Exchange stood at $69.72 million, in contrast to the preceding session’s $89.54 million, representing a decline of 22.1 per cent or $19.82 million.

Similarly, the Nigerian currency lost N2 against the Dollar to close at N770/$1 at the P2P window versus the N768/$1 that it sold in the previous session.

In the same vein, the domestic currency weakened against the greenback in the parallel market yesterday by N3 to settle at N760/$1 compared with Wednesday’s value of N757/$1.

This happened as the country continued to face a cash crunch that has seen Nigerians complain bitterly and stage protests in Ilorin, Abeokuta, Benin City, and Ibadan.

President Muhammadu Buhari on Thursday morning said that the old N200 is now valid and directed the Central Bank of Nigeria (CBN) to release the currency denomination back into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days.

He, however, said old N500 and N1,000 banknotes are no longer legal tender in Nigeria.

However, some governors, including the governor of Kaduna State, Mr Nasir El-Rufai, and Kano State, Mr Abdullahi Ganduje, staunch supporters of the president, have openly disagreed, calling on banks and businesses to continue accepting the old legal tender.

In the interbank segment of the market, the Naira appreciated against the Pound Sterling by 15 Kobo to trade at N555.83/£1 versus N551.98/£1, and against the Euro, it gained 34 Kobo to sell at N493.68/€1 versus N494.02/€1.

Meanwhile, the cryptocurrency market was in the red on Thursday, with Bitcoin (BTC) falling by 3.5 per cent to $23,791.03, as Ethereum (ETH) fell by 2.1 per cent to $1,659.20.

Solana (SOL) recorded a 4.9 per cent loss to sell at $22.63, Binance Coin (BNB) recorded a 4.7 per cent slide to trade at $308.01, Cardano (ADA) recorded a 3.9 per cent decrease to sell at $0.395, Dogecoin (DOGE) recorded a 3.7 per cent depreciation to trade at $0.0861, Ripple (XRP) made a 2.8 per cent slide to settle at $0.3902, and Litecoin (LTC) recorded a 2.2 per cent drop to trade at $99.86.

Meanwhile, the duo of US Dollar Tether (USDT) and Binance USD (BUSD) traded at $1.00 each.