Naira Slides to N422 Against the US Dollar at I&E Fx Window

The Nigerian Naira witnessed a 0.54 percent decline against the dollar at the official Investors and Exporters (I&E) forex window on Thursday as it traded at N422.50/$1.

Naira had maintained a flat rate with the dollar since the beginning of the week, commencing at N420.25 to US$1 on Monday while a slight decline occurred on Tuesday to N420.75 against the Dollar.

On the other hand, Naira gained back on Wednesday as it was traded at N420.25 against the US Dollar – this was an appreciation of 0.12 percent but declined on Thursday with an N420.26 opening and N422.50 closing. Thus, witnessing a 0.54 percent slide.

Meanwhile, at the Central Bank of Nigeria (CBN) official forex segment, the US Dollar maintained a flat rate as it was sold at N415.63 to commercial banks. This was an absolute constant for the week. Even at this rate, Investors King revealed that Nigerians could not get forex at the CBN’s set rate in any of the banks.

As a matter of fact, the black market has enjoyed this benefit as more investors patronize it,  leading to a constant rise in the value of the American dollar this week. The United States Dollar appreciated against the Naira on the black market this week as scarcity persisted. The Nigerian Naira plunged from N600 to N610 against the Dollar, representing a decline of N10.

Cryptocurrency Exchange Rate

Having kickstarted the week with high hopes, the digital currencies recorded another crash!

The Bitcoin exchange rate fell to $30,079.80, a decline of 0.27%. Although, in the early hours of Thursday morning, the industry’s market capitalization increased by 0.39 percent to $1.222 trillion, while bitcoin increased by 0.47 percent to $30,328.73.

Ethereum like its counterpart witnessed a decline in value. As of Tuesday, ETH recorded an improvement of 2.38% to close N1,081,309 to a coin, while today it recorded a 0.66 percent decline to be sold at $1,788 per coin which is N742,484.91, using the official forex rate.

Binance (BNB), however, maintained a balanced rate with a price of  $288.92, a change of 0.00% over the past 24 hours.