Local Currency Depreciates To N464/$1 At Black Market

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The Naira weakened against the US Dollar at the parallel market on Wednesday, November 4 as it lost N1 to close at N464/$1 compared to the previous rate of N463/$1.

At the same segment, the domestic currency depreciated by N1 against the Pound to wrap the day at N596/£1 as against N595/£1 it was sold at the previous day but appreciated by N1 against the Euro to sell at N542/€1 versus N543/€1.

At the Investors & Exporters (I&E) window, Business Post gathered from the FMDQ Securities Exchange that the exchange rate of the Naira/Dollar remained unchanged yesterday at N386/$1.

It was observed that the exchange rate maintained stability as a result of the ease in the pressure on the Nigerian currency at the market segment on Wednesday.

During the session, the demand for forex significantly decreased by 89.8 per cent or $207.79 million as transactions worth $23.56 million were executed by traders compared with $231.35 million transacted at the preceding session.

Also, at the interbank window of the market, the official exchange rate of the Naira/Dollar remained unchanged on Wednesday at N379/$1.

It was a similar story at the Bureaux De Change (BDC) segment of the FX market during the midweek trading day as data from the Association of Bureaux De Change Operators of Nigeria (ABCON) indicated that the Naira traded flat against the greenback at N386/$1.

Meanwhile, it was a mixed outcome for the seven cryptocurrencies tracked on Quidax by Business Post at the midweek trading session.

The value of the Bitcoin (BTC) pointed north on Wednesday by 1.2 per cent to trade at N6,428,999.99 as the price of Ethereum (ETH) jumped by 2.6 per cent to N183,806, while Litecoin and Tether appreciated to N24,903 (up 1.7 per cent) and N464 (up 0.2 per cent) respectively.

However, the price of Ripple (RPX) depreciated by 0.9 per cent to sell for N110.04, while Dash (DASH) slid by 6.7 per cent to sell for N29,200.03, with Tron (TRX) trading flat at N11.24.

– Business Post

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