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Dollar to Naira Exchange Rate, June 20th

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The Naira depreciated by 0.2 per cent or 83 kobo against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday, closing at N421.33/$1 compared with last Friday’s exchange rate of N420.50/$1.

Dollar to Naira Exchange Rate, June 20th

Dollar to Naira Exchange Rate, June 20th

The Nigerian Naira declined in value despite the turnover for the day closing low at $46.07 million, according to data from the FMDQ Securities Exchange.

The inability of foreign exchange merchants to meet the needs of their customers added to the local currency’s weakness yesterday, as the country battled a forex shortage amid a rise in crude oil benchmark prices on the worldwide market.

It was a similar tale in the peer-to-peer (P2P) segment of the FX market, where the Naira fell by N1 or 0.16 percent against the dollar, closing at N618/$1 vs N617/$1 the previous day.

The Naira declined against the British currency, the Pound Sterling, by N4.94 to finish at N510.13/£1 in the interbank market, compared to N505.19/£1 the previous session, and against the Euro, the local currency shed N3.81 to sell for N436.15/€1 vs the previous rate of N432.34/€1.

The digital currencies on the other hand witnessed a great recovery from the persistent daily crash in value!

Bitcoin which dropped below $20,000 last week, hitting a bottom barrel for the first time since November 2020 has recorded a 6.00 percent change in value – selling at $21,139.31 or N8,780,506.43 (using CBN exchange rate) for a coin.

Ethereum (ETH) likewise made improvements in value, recording a change of 6.52% over the past 24 hours. The price is currently sold at $1,145.23 or N475,598.65 (using CBN exchange rate) for a coin.

Binance (BNB), like its counterparts, recorded a change of 4.46% and sold at $221.36 or N 91,796.77 for a coin – this is against last week’s figure which dipped as low as $190.42 for a coin.

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