Market News

Naira Slumps to N486/$1 at Black Market - BUSINESS POST

APRIL 22, 2021

By Adedapo Adesanya

It was a bad day for the Naira at the unregulated segment of the foreign exchange (FX) market on Tuesday as it depreciated against the United States Dollar.

At the black market, the domestic currency went down by N4 to settle at N486/$1 compared with N482/$1 it traded at the same market window on Monday.

Also, the local currency declined against the Pound Sterling at the parallel market yesterday by N2 to finish at N672/£1 in contrast to the previous N670/£1.

It further went down against the Euro during the session by N5 to sell for N575/€1 compared to N570/€1 it was traded at the previous day.

At the Investors and Exporters (I&E) window, the domestic currency depreciated against the greenback by 0.08 per cent or 34 kobo to sell for N410.67/$1 as against N410.33/$1 it was transacted on Monday.

Data from the FMDQ Securities Exchange showed that pressure was on the Naira yesterday as the day’s turnover rose by 42.7 per cent or $29.78 million as transactions worth $99.49 million were carried out compared with the preceding day’s $69.71 million.

However, at the interbank segment of the market, the local currency traded flat against the American currency at N379/$1.

Renewed Recovery in Cryptocurrency Assets 

At the cryptocurrency market on Tuesday, five of the seven digital currencies monitored by Business Post closed in the positive territory.

The Bitcoin (BTC) gained 0.6 per cent to sell at N28,097,630.99, the Ethereum (ETH) appreciated by 4.9 per cent to N1,154,519.22; the Ripple (XRP) moved up by 0.7 per cent to N716; the Dash (DASH) rose by 2.4 per cent to sell at N155,060.90; while the US Dollar Tether (USDT) improved by 0.8 per cent to sell for N507.91.

However, the Tron (TRX) went down by 1.6 per cent to sell at N69.94, while the Litecoin (LTC) depreciated by 0.3 per cent to trade at N133,827.60.


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