By Adedapo Adesanya
It was not a good day for the domestic currency at the different segments of the foreign exchange (forex) market on Thursday as it depreciated against the United States Dollar.
At the Peer-to-Peer (P2P) window, the Naira lost N3 against the American currency to trade at N745/$1 in contrast to the previous day’s value of N742/$1.
Also, at the Investors and Exporters (I&E) segment of the FX market, the Nigerian currency depreciated against the greenback yesterday by N1.16 or 0.26 per cent to close at N441.83/$1 versus Wednesday’s exchange rate of N440.67/$1.
It was observed that the local currency suffered the loss amid a significant reduction in the value of forex trades in the market segment during the session.
Business Post reports that the value of transactions went down by 32.1 per cent or $30.59 million to $64.80 million from the previous day’s $95.39 million.
Also, in the black market, the value of the Naira shrank against the US currency on Thursday by N1 to 0.14 per cent to trade at N735/$1 compared with the N734/$1 it was sold a day earlier.
In the interbank window, the local currency depreciated against the Pound Sterling yesterday by N8.90 to sell for N491.35/£1 in contrast to the preceding day’s N482.45/£1 and on the Euro, the domestic currency lost N1.59 to close at N424.89/€1 versus N423.30/€1.
As for the digital currency market, the bulls returned on Thursday and raised the price of Ripple (XRP) by 5.8 per cent to $0.4996.
Solana (SOL) recorded a 3.9 per cent jump to trade at $31.81, Bitcoin (BTC) rose by 3.8 per cent to $19,812.52, Cardano (ADA) gained 3.6 per cent to quote at $0.4996, Ethereum (ETH) saw a 3.3 per cent appreciation to trade at $1,327.32, Dogecoin (DOGE) went up 2.8 per cent to $0.0605, Binance Coin (BNB) rose by 2.1 per cent to $274.84, and Litecoin (LTC) grew by 0.6 per cent to $52.20, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.
Dipo Olowookere