Exchange Rate Update: Naira Crashes to N439.17/$1 at I&E on FX Demand Pressure

The Naira was pressured against the United States Dollar at the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) windows of the foreign exchange (forex) market on Friday, October 7.

In the I&E segment, the Nigerian Naira crashed to a new low of N439.17/$1 after losing 0.58 per cent or N2.54 from its previous day’s rate of N436.63/$1, according to data obtained by Business Post from FMDQ Securities Exchange.

The value of transactions in the spot market slightly went down by 1.0 per cent or $1.04 million to $99.70 million from the $100.74 million achieved a day earlier.

But in the P2P forex window, the value of the Nigerian currency against the Dollar appreciated by N2 to close at N741/$1 in contrast to NN743/$1 and in the parallel market, the domestic currency closed flat at N731/$1.

In the interbank segment, the Naira gained N1.57 against the Pound Sterling to close at N487.34/£1 versus Thursday’s N488.91/£1 and against the Euro, it gained N2.22 to end the day at N425.87/€1 compared with the preceding session’s N428.09/€1.

A look at the cryptocurrency market indicated that the bears maintained their grip on the ecosystem, with Bitcoin (BTC) down by 1.9 per cent to sell at $19,521.69, and Ethereum (ETH) losing 1.7 per cent to sell at $1,330.16.

Furthermore, Dogecoin (DOGE) depreciated during the session by 1.5 per cent to trade at $0.0623, Binance Coin (BNB) recorded a 1.2 per cent depreciation to trade at $281.50, Solana (SOL) depreciated by 1.1 per cent to sell at $32.93, Cardano (ADA) recorded a 0.3 per cent decrease to quote at $0.4254, and Litecoin (LTC) slipped by 0.04 per cent to trade at $53.43.

Conversely, the value of Ripple (XRP) jumped by 6.5 per cent yesterday to trade at $0.5208, closing the session as the only of the 10 tokens tracked by this newspaper with a rise in price.

Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat during the session at $1.00 each.