Connect with us

Business News

Local Currency Weakens to N506/$1 at Parallel Market



By Adedapo Adesanya

The local currency weakened against the United States Dollar by N1 at the parallel market on Friday, selling at N506/$1 in contrast to N505/$1 it closed at the preceding trading session.

The usual weekend rush for Dollar at the unregulated segment of the foreign exchange (forex) market may have contributed to the poor performance of the domestic currency at the market yesterday.

However, the Naira traded flat against the Pound Sterling at N708/£1 and also remained unchanged against the Euro at the same black market during the final session for the week at N596/€1.

But at the Investors and Exchange (I&E) window, the Naira appreciated against the greenback by 82 kobo or 0.20 per cent to trade at N410.38/$1 compared with N411.20/$1 it was exchanged on Thursday.

It was observed that the local currency appreciated against the American currency yesterday as a result of a sufficient supply of FX at the market to meet the requests of customers despite the turnover still being high, though lower than the previous session.

Data from the FMDQ Securities Exchange indicated that transactions worth $116.55 million were made on Friday, 5.8 per cent or $7.14 million lower than the $123.69 million recorded at the preceding session.

However, the exchange rate of the Naira to the US Dollar at the interbank segment of the market remained unchanged yesterday at N410.13/$1.

As for the digital currency market, there were no signs that the recent dip was subsiding as six of the seven tokens tracked by Business Post on the trading platform, Quidax, were in the red zone.

Dash (DASH) was the only price riser yesterday as it appreciated by 0.2 per cent to sell at N59,103.01.

Bitcoin (BTC) lost 0.8 per cent to close at N15,945,718.376, Ethereum (ETH) dipped by 6.5 per cent to close at N975,002.00, while Ripple (XRP) went down by 6.9 per cent to trade at N291.21.

In addition, Litecoin (LTC) declined by 4.8 per cent to trade at N59,110.00, Tron (TRX) fell by 4.8 per cent to sell at N28.75, while the US Dollar Tether (USDT) depreciated by 0.8 per cent to trade at N515.12.

Business News37 seconds ago

Nigeria Customs Seizes N22bn Pangolin, Elephant Parts

Metro4 mins ago

Bangladesh to vaccinate 10 million in seven days

Entertainment7 mins ago

BBNaija 2021: Boma Says He Won’t Do Anything With Jackie B Because Her Son Is Watching

Sports23 mins ago

Real Madrid Are Looking To Sell Dani Ceballos During This Summer’s Transfer Window

Business News25 mins ago

Society Reporters to Honour Exceptional Nigerians, Others

Politics27 mins ago

APC Governors Storm Abuja To Decide Fate Of Buni, Others

Metro29 mins ago

Three people killed and more than 40 injured in Czech Republic train crash (photos)

Entertainment31 mins ago

BBNaija 2021: Biggie Issues First Warning To Maria For Microphone Infringement

News43 mins ago

COVID-19: Nigeria records 747 new cases, highest in five months

Sports51 mins ago

Nuno Espirito Santo Says The Club Will Solve Their Harry Kane Problem Internally Rather Than Speak Publicly About It

Business News55 mins ago

Sound Sultan: The Poetic Ambassador on Migration UN Never Had

Metro59 mins ago

Father hailed as hero after he ran into burning house to save his baby twins

Entertainment1 hour ago

BBNaija 2021: Emmanuel Puts His Massage Skills To Use On Liquorose’s Body

News1 hour ago

Split with Melinda a very sad milestone, source of sadness- Bill Gates

Sports1 hour ago

Leicester Have Been Hit With A Major Injury Worry Ahead Of The New Season After Wesley Fofana Was Taken Off On A Stretcher

Metro1 hour ago

Our Foundry And The Ancient Art of Bronze Casting

Entertainment1 hour ago

BBN 2021: Jealousy Or Mockery? Maria Recounts The Kiss Between Pere And Beatrice (VIDEO)

News2 hours ago

Borno state governor denies visiting Abba Kyari

News2 hours ago

Intensify operations against bandits- COAS to troops

Lifestyle2 hours ago

Everyone Is Struggling With Something And That’s Okay

Metro21 hours ago

Trending: TV Presenter Priscilla Kayira caught up in “Mesho” scandal, Internet Reacts

News19 hours ago

Sunday Igboho’s aides granted bail after 32 days in DSS custody

Metro23 hours ago

President Biden calls on New York Governor Cuomo to resign after sexual misconduct allegation

Metro22 hours ago

Wild video of female Kenyan lecturer hits online

Entertainment10 hours ago

Prince, Lucy, Eric, Wathoni, And Many Others Show Up For Ozo’s Classy 29th Birthday Party (Video)

News19 hours ago

FG announces plans to ‘unbundle’ NIPOST into Courier Services, Microfinance Bank

Entertainment24 hours ago

BBNaija 2021: “Daddy Can Stay In The House And Have Fun” – Niyi’s Wife Says As She Urges Fans To Vote For Him (Video)

Health23 hours ago

11 Best Breakfasts Olympic Athletes Eat to Stay Fit

News5 hours ago

Tokyo Olympics: PUMA writes AFN, terminates four-year $2.67m contract with Nigeria

Lifestyle22 hours ago

Here’s What They Don’t Tell You About Healing Yourself

Entertainment11 hours ago

“Omo, Ozo Is Loved” – Vee Reacts As Ozo Receives Massive Love On His Birthday Today

Entertainment12 hours ago

“Happy Birthday To A Strong Man” – Nengi Shares Lovely Message To Celebrate Ozo, As He Turns A Year Older Today

Health22 hours ago

Secret Side Effects of Eating Rotisserie Chicken, Says Science

Entertainment11 hours ago

BBNaija 2021: Mixed Reactions As Pere Describe Angel As A Street Girl

Entertainment10 hours ago

BBNaija 2021: Angel’s Dad Hails Her Revealing Outfit For The Fashion Night

News20 hours ago

FIFA bans former CAF President Issa Hayatou

News4 hours ago

COVID-19 infections rise for four consecutive weeks globally- WHO

News19 hours ago

Police arrest 3 kidnap suspects in Benue

News3 hours ago

Pastor Adeboye recounts hilarious encounter with an old time lover who came to him for prayers

Politics9 hours ago

Breaking: PDP BOT Member Defects To APC (Photo)