By Adedapo Adesanya
The Naira lost 37 kobo or 0.10 per cent at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, November 3 as the domestic currency ended the day at N386/$1 in contrast to N385.63/$1 it was sold previously.
At the previous session, the local currency had gained the same value but it gave it up yesterday following the pressure on the Nigerian currency caused by the rise in the demand for forex at the market segment.
According to data from the FMDQ Securities Exchange, transactions valued at $231.35 million were carried out at the window on Tuesday in contrast to the $104.20 million exchanged at the preceding session, indicating a rise of 122.0 per cent or $127.15 million.
However, at the black market yesterday, the Naira retained value against the United States Dollar at N463/$1. The local currency also maintained stability against the British Pound Sterling at N595/£1 but lost N3 against the Euro to trade at N543/€1 compared with N540/€1 it was exchanged on Monday.
At the Bureaux De Change (BDC) segment of the market, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Nigerian currency closed flat against the American currency at N386/$1.
Likewise, the Naira to Dollar exchange rate at the interbank window remained static at the close of transactions on Tuesday at N379/$1.
Meanwhile, at the cryptocurrency market on Tuesday, data sourced from Quidax, a platform used for trading cryptocurrencies in Naira, indicated that the value of the seven digital currencies tracked closed in different directions, with four facing south and three moving north.
Ethereum (ETH) recorded a 0.13 per cent depreciation to close at N179,080.00, Litecoin (LTC) shed 5.01 per cent to sell at N24,484.84, Tether (USDT) lost 1.01 per cent to settle at N463.16 while Tron (TRX) plunged by 4.1 per cent to trade at N11.24.
But the value of the Bitcoin (BTC) appreciated by 0.84 per cent to sell at N6,368,311.99, Ripple (RPX) gained 1.21 per cent to quote at N111.12 while Dash (DASH) went up by 0.59 per cent to settle at N31,298.99.
Dipo Olowookere