By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, August 17 by 0.04 per cent or 17 kobo.
Business Post reports that at the market segment yesterday, the Naira was sold for N411.50/$1 as against the previous rate of N411.67/$1.
The local currency closed stronger during the session as a result of a decline in FX requests at the investors’ segment, according to data obtained from FMDQ Securities Exchange.
On Tuesday, the turnover at the I&E window stood at $113.17 million, $4 million or 3.4 per cent lower than the $117.17 million achieved at the preceding day.
At the official exchange segment, which is dubbed the interbank market, the value of the local currency against its American counterpart remained unchanged yesterday at N410.11/$1.
Also, the domestic currency traded flat against the greenback yesterday at the unregulated segment of the forex market as it remained at N515/$1.
However, the Nigerian currency depreciated against the Pound Sterling by N1 to sell at N706/£1 compared to N705/£1 of the previous session while against the Euro, it depreciated by N5 to trade at N605/€1 in contrast to N600/€1 it was sold at the first trading session of the week.
Cryptos Dip as Investors Take Profit
Investors at the cryptocurrency market went for profit-taking on Tuesday and this weakened all the seven digital currencies tracked on Quidax, a platform for trading and tracking real-time transactions, by Business Post.
At the market yesterday, Bitcoin (BTC) slumped by 1.7 per cent to sell at N23,588,100.87, Ethereum (ETH) depreciated by 6.4 per cent to trade at N1,560,000.01, Ripple (XRP) lost 4.4 per cent to quote at N583.32, while Dash (DASH) slid by 5.8 per cent to sell for N103,600.
In addition, Litecoin (LTC) declined by 3.6 per cent to sell at 90,002.00, Tron (TRX) went down by 0.8 per cent to trade at N46.67, while the US Dollar Tether (USDT) fell by 0.4 per cent to sell for N524.97.
