Naira Closes the Week Flat Across All Board

By Tolulope Oke

The Naira closed the week at N420.50 to 1 US Dollar at the official Investors and Exporters (I & E) Window, maintaining a flat rate across the board on Friday, June 17th. 

On the official Central Bank of Nigeria’s (CBN) forex exchange segment, the local currency maintained its stance at N415.87 to 1US Dollar, this was the same value traded on Thursday.

In like manner, the Nigerian currency concluded unchanged against the British Pound Sterling in the interbank market at N505.19/$1, while it also closed flat against the Euro at N432.34/€1.

The parallel market also known as the Black market witnessed a slight gain for the Naira, as it was traded between N590 to N610 – this is as against Thursday’s market which exchanged for N617.

• Naira Declines, Exchanges for N420.5 Per Dollar at Official Window

Bitcoin (BTC) on the other hand dropped below $20,000 for the first time since December 2020, shedding 9.5 percent in only 24 hours.

The largest cryptocurrency by market size was changing hands at around $18,984.1, after trading as low as $18,739.50.

Ethereum (ETH), also dropped 12.94 percent as against 9.78 percent it recorded earlier – going at $939.27 or N390,144 to a coin.

The crypto panic, which began with the Terra ecosystem collapse a few weeks ago and then expanded to the Celsius platform, has now spread to hedge fund Three Arrow Capital, whose collateral was apparently liquidated by crypto lender BlockFi.

Binance (BNB) also witnessed a change of 11.17% for the past 24 hours, going for $190.42,  or N79,094 to a coin.