Naira Sells N465/$1 At Black Market Monday After N1 Loss

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Traders witnessed the weakening of the Naira by N1 against the US Dollar at the parallel market segment of the foreign exchange market on Monday, November 9.

Business Post reports that at the close of transactions yesterday, the local currency closed at N465/$1 in contrast to the N464/$1 it ended at the last session, which was last Friday.

The Nigerian currency also followed the same trend at the black market against the two other major foreign currencies traded at the segment; the British Pound Sterling and the Euro.

Against the British currency, the Naira lost N2 to close at N598/£1 compared to N596/£1 of the prior session while on the Euro, the Nigerian currency lost N3 to close the day at N543/€1 versus N540/€1.

The local currency, however, recorded a different outcome against the US Dollar at the Investors and Exporters (I&E) window as it appreciated by 33 kobo or 0.09 per cent to close at N385.67/$1 compared to N386/$1 it closed last Friday.

This occurred as there was a drop in value of transactions recorded at the market segment as data from the FMDQ disclosed that forex worth $51.62 million changed hands, lower than the $163.71 million quoted at the previous day by 68.5 per cent or $112.09 million.

At the Bureaux De Change (BDC) segment, data from the Association of the Bureaux De Change Operators of Nigeria (ABCON) showed that the Naira/Dollar exchange rate remained at N386/$1.

Similarly, the exchange rate of the Naira to the United States Dollar remained unchanged at the interbank window at N379/$1 yesterday.

Meanwhile, a look at the cryptocurrency market on Monday showed that the Bitcoin appreciated by 0.3 per cent to N7,108,525.01, while Tron (TRX) gained 0.9 per cent to sell for N11.79.

However, Litecoin (LTC) dropped 2.8 per cent to N27,494.12, Dash (DASH) lost 2.2 per cent to trade at N31,199.99, Ripple (RPX) fell by 0.6 per cent to sell at N116.46, Ethereum (ETH) went down by 0.4 per cent to trade at N208,548.85, while the US Dollar Tether (USDT) lost 0.1 per cent to sell for N461.08.

– Business Post

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