The Nigerian naira performed poorly against the US dollar in various segments of the foreign exchange (forex) market on Monday, owing to the country’s ongoing shortage of FX.
According to reports, the Naira lost different amounts against the US dollar in the P2P and parallel market windows but closed stronger in the Investors and Exporters (I&E) segment.
The value of the local currency fell by N11 to trade at N769/$1 compared to the previous session’s N758/$1, and it depreciated by N8 to close at N760/$1 compared to last Friday’s N752/$1.
However, in the I&E market window yesterday, the local currency rose by 29 Kobo, or 0.07 percent, to settle at N441.38/$1 versus N441.67/$1.
According to FMDQ Securities Exchange data, the segment’s FX turnover was $39.47 million, a $29.04 million or 42.4 percent decrease from the $68.51 million achieved last Friday.
The Naira suffered losses against the Pound Sterling and the Euro in the interbank market.
It lost 63 Kobo against the British currency during the session to close at N492.88/£1 compared with the preceding session’s N492.25/£1 as the Pound Sterling begins to gain ground after the emergence of Mr Rishi Sunak as the Prime Minister of the United Kingdom. The local currency depreciated by N1.31 against the Euro on Monday to quote at N430.46/€1 versus N429.15/€1.
In the cryptocurrency market, it was a mixed basket as Cardano (ADA) recorded a 1.8 per cent rise to trade at $0.3625, Dogecoin (DOGE) made a 0.9 per cent appreciation to sell at $0.0604, Binance Coin (BNB) added 0.2 per cent to sell for $274.43, and Ethereum (ETH) saw its value go up by 0.1 per cent to $1,347.66.
But Ripple (XRP) slumped by 1.8 per cent to trade at $0.449, Litecoin (LTC) went down by 0.9 per cent to $52.85, Solana (SOL) depreciated by 0.4 per cent to $28.49, as Bitcoin (BTC) lost 0.1 per cent to close at $19,354.68.
However, the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.
