Adedapo Adesanya
By Adedapo Adesanya
The Naira traded weaker against the American Dollar at the Peer-to-Peer (P2P) window of the foreign exchange market on Friday, September 9.
During the session, the exchange rate closed at N724/$1 in contrast to the previous day’s rate of N721/$1, indicating a day-on-day decline of N3 or 0.42 per cent.
Also, at the black market, the value of the Nigerian Naira depreciated against its United States counterpart by N3 or 0.43 per cent to settle at N705/$1 compared with the N702/$1 it was exchanged on Thursday.
A similar scenario played out in the Investors and Exporters (I&E) window as the Naira depreciated against the greenback by 1 Kobo to sell at N430.33/$1 versus the earlier day’s N430.32/$1.
During the session, there was an increase in the demand for FX at the spot market by 76.1 per cent or $28.52 million to $66.02 million from $37.50 million.
In the interbank segment of the market, the domestic currency witnessed a further beating against the Pound Sterling as it dropped 99 Kobo to wrap up at N495.01/£1 in contrast to the previous day’s N494.02/£1 and against the Euro, the Nigerian currency declined by N1.41 to trade at N429.98/€1 in contrast to N428.57/€1.
As for the cryptocurrency market, the pressure eased on the digital assets as eight of the 10 tokens tracked by Business Post closed bullish, with Cardano (ADA) recording the highest climb of 5.4 per cent to sell at $0.5168.
Bitcoin (BTC) went up by 4.3 per cent to trade at $21,526.02, Litecoin (LTC) added 3.1 per cent to its value to settle at $62.19, Ripple (XRP) recorded a 2.8 per cent rise to quote at $0.3611, Dogecoin (DOGE) improved by 2.8 per cent to $0.0648, Binance Coin (BNB) climbed higher by 2.5 per cent to $296.90, Ethereum recorded a 1.5 per cent gain to trade at $1,734.56, while Binance USD (BUSD) jumped by 0.01 per cent to $0.9999.
However, Solana (SOL) depreciated during the session by 0.3 per cent to sell at $35.07, while the US Dollar Tether closed flat at $1.00.
