Naira Falls to N410.67/$1 despite Drop in FX Demand at I&E

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Naira Falls to N410.67/$1 despite Drop in FX Demand at I&E – Despite a drop in the demand for foreign exchange (FX) at the market on Monday, the Naira depreciated against the US Dollar by 0.08 per cent or 34 kobo at the Investors and Exporters (I&E) window.

Data obtained by Business Post from the FMDQ Securities Exchange showed that the domestic currency was traded yesterday at N410.67/$1 compared with N410.33/$1 it was traded at the same segment last Friday.

During the opening session of the new week, transactions worth $32.61 million were recorded as against the $146.52 million of the preceding session, indicating a $113.91 million or 77.7 per cent decrease in the market turnover.

Taking a look at the unregulated parallel market, the local currency continued to maintain its stability against the American currency as it closed flat at N483/$1 yesterday.

Also, the value of the Nigerian currency against the Euro remained unchanged on Monday at the same black market at N580/€1, while the domestic currency lost N1 on the Pound Sterling to close at N673/£1 versus N672/£1 it was sold last Friday.

Read also: Naira Appreciates at I&E as FX Demand Eases by 66.4% 

A look at the interbank window of the forex market showed that the rate the Central Bank of Nigeria (CBN) auctioned the FX to commercial banks for government transactions remained at N379/$1.

Meanwhile, the cryptocurrency market was largely bullish on Monday as five of the seven digital coins tracked by Business Post on Quidax closed positive.

The US Dollar Tether (USDT) was the highest riser yesterday as its value moved up by 11.0 per cent to sell for N550.01. The Litecoin (LTC) appreciated by 4.7 per cent to trade at 198,999.99, the Tron (TRX) gained 4.4 per cent to quote at N69.80, the Dash (DASH) rose by 2.2 per cent to N213,098.98, while the Bitcoin (BTC) appreciated by 0.6 per cent to sell at N27,653,374.66.

Sadly, the value of Ripple (XRP) slid by 4.9 per cent to N750, while Ethereum (ETH) went down by 0.3 per cent to trade at N1,920,068.22.

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About Sam Gabriel 1291 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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