Naira suffers 0.54% decline against the Dollar at parallel market

Updated

January 27, 2023

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The Nigerian Naira has crashed by N4 at the parallel market on Thursday, exchanging at N752 to one US Dollar, as opposed to Wednesday’s rate of N748/$1.

Despite this plunge in the paranormal market, the Naira unexpectedly appreciated in the I&E window to a value of N461.25/$1, helped along by forex transactions totaling $45.16 million and a decrease of 58.9% or $64.66 million from the previous day.

Meanwhile over on P2P, the local currency rose by N2 against the Dollar closing at an exchange rate of N764/$1 compared with Wednesday’s figure of N766/$1.

A decline was also seen in interbank segment where it dropped 24 Kobo against Sterling and 20 Kobo against Euro.

In contrast, most crypto tokens tracked by Business Post fell in value at close of business with Litecoin losing 1.6%, Ripple falling 1.4%, Binance Coin shrinking 0.4%, Dogecoin sliding 0.2% and Bitcoin dropping 0.01%.

Cardano however reported a 2.8% increase while Ethereum climbed up 0.6%, and Solana edged up a mere 0.02%.

The prices for US Dollar Tether (USDT) and Binance USD (BUSD) remain unchanged at $1 each respectively

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