By Adedapo Adesanya
The Naira finished stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday, November 10 despite the turnover for the session rising significantly.
The local currency was sold for N414.73/$1 yesterday, according to data obtained from FMDQ Securities Exchange, compared with the previous day’s value of N415.07/$1.
This indicated that the Nigerian currency appreciated by 34 kobo or by 0.08 per cent against its American currency at the forex market segment.
The value of transactions recorded at the I&E window was $306.24 million compared with the $92.38 million achieved at the preceding session, indicating that the turnover for the day jumped by $213.86 million or 231.5 per cent.
But for yet another session, the Naira depreciated at the interbank segment of the market against the greenback by 3 kobo as it closed at N411.37/$1 in contrast to N411.34/$1 of Tuesday.
In the same vein, the domestic currency lost N2.53 against the Pound Sterling to sell for N558.35/£1 versus the preceding day’s N555.82/£1 and lost 27 kobo on the Euro to trade at N476.41/€1 as against N471.14/€1 it was quoted on Tuesday.
At the cryptocurrency market, a majority of the tracked digital currencies by Business Post were bearish, with eight of the 10 going down/
Cardano (ADA) depreciated by 6.5 per cent to N1,234.23, Ripple (XRP) recorded a 4.7 per cent depreciation as it sold for N660.00, while Tron (TRX) went down by 4.5 per cent to trade at N61.79.
Further, Dash (DASH) moved down by 3.9 per cent to sell for N124,995.73, Ethereum (ETH) declined by 3.8 per cent to trade at N2,594,000.09, Dogecoin (DOGE) traded 3.1 per cent lower at N147.92, Binance Coin (BNB) recorded a 2.3 per cent loss to trade at N253,103.63, while Bitcoin (BTC) dropped 1.3 per cent to quote at N36,260,642.30.
However, Litecoin (LTC) appreciated yesterday by 3.1 per cent to sell for N145,001.00, while the US Dollar Tether (USDT) gained 2.6 per cent to finish at N556.88.
Dipo Olowookere