The value of the naira against the dollar went down to N750 in the peer-to-peer market segment and N737 in the black market, OduNews reports.
However, in the Investors and Exporters (I&E) segment, the Naira appreciated against the US Dollar by 50 Kobo or 0.11 per cent to close at N461.00/$1 compared with last Friday’s rate of N461.50/$1 amid a decline in the value of FX transactions in the market window.
According to data from FMDQ Securities Exchange, forex worth $153.45 million were transacted during the trading day compared with the $176.24 million traded in the preceding session, representing a decline of $22.79 million or 12.93 per cent.
It was observed that the exchange rate benchmark of the 2023 appropriation bill of N21.8 trillion signed into law by President Muhammadu Buhari on Tuesday was N435.57/$1, which is different from the current rate. In the 2022 budget, it was N410.15/$1, while the crude oil benchmark was increased by 13 per cent to $70 per barrel from $62 per barrel.
Meanwhile, in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro yesterday at N540.70/£1 and N479.45/€1, respectively.
In the cryptocurrency market, bears tightened its grip on 10 coins monitored by OduNews.
Dogecoin (DOGE) slumped by 2.9 per cent to trade at $0.0702, Ripple (XRP) dropped 1.7 per cent to $0.3459, Cardano (ADA) recorded a 1.5 per cent decrease to sell at $0.2511, Ethereum (ETH) fell by 0.6 per cent to $1,210.26, Binance Coin (BNB) lost 0.5 per cent to settle at $245.41, and Bitcoin (BTC) went down by 0.4 per cent to $16,655.55.
However, Solana (SOL) gained 16 per cent to sell at $13.02, as Litecoin (LTC) added 0.7 per cent to trade at $75.35, with Binance USD (BUSD) and the US Dollar Tether (USDT) closing flat at $1.00 each.
