Naira weakens to N394.67 to one US dollar demand for foreign exchange surge 183.7% at Investor & Exchange market

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The Naira depreciated by 0.17 per cent or 67 kobo against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Tuesday, December 22.

During the trading session, the value of the weakened to N394.67/$1 from the N394.67/$1 it traded on Monday and this was caused by a significant increase in the demand for forex by customers.

Recalled that yesterday, the Naira traded as high as N407.25/$1 and as low as N385.00/$1 before closing at N394.67/$1.

At the close of transactions, trades worth $236.91 million were recorded, 183.7 per cent or $153.41 million higher than the previous day’s $83.50 million.

But at the parallel market, the value of the local currency against the United States Dollar remained unchanged at N476/$1 and appreciated by N2 against the Pound Sterling to settle at N630/£1 versus N632/£1 it was sold on Monday, while against the Euro, it equally gained N2 to sell at N578/€1 compared to N580/€1 it did at the previous session.

At the Bureaux De Change (BDC) segment of the FX market yesterday, the Naira traded flat against the greenback N395/$1 and at the interbank segment, it also traded flat against the American currency at N379/$1.

Meanwhile, the volatility witnessed at the cryptocurrency since the beginning of this week continued on Tuesday as the Ripple (XPR) depreciated by 21.8 per cent to trade at N200.14. Tron (TRX) fell by 3.1 per cent to sell at N13.97, the US Dollar Tether (USDT) depreciated by 1.1 per cent to trade at N480.01, while the Dash (DASH) lost 0.2 per cent to sell for N49,927.08.

However, the Bitcoin (BTC) appreciated by 4.2 per cent yesterday to trade at N11,287,999.00, while the Litecoin (LTC) gained 5.6 per cent to sell at N54,907.64, with the Ethereum (ETH) rising by 1.9 per cent to finish at 302,898.40.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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