Adedapo Adesanya
By Adedapo Adesanya
The foreign exchange (FX) market in Nigeria was quite busy on Wednesday, especially on the Investors and Exporters (I&E) end, as the value of trades recorded a significant increase.
Data obtained by Business Post indicated that the FX turnover for the session increased by 91.6 per cent or $96.23 million to $201.34 million from the previous day’s turnover of $105.11 million.
This put the Naira under pressure and it eventually weakened it against the US Dollar by 75 kobo or 0.18 per cent to N419.25/$1 from the previous day’s N418.50/$1.
However, the local currency received support at the interbank segment of the market by appreciating against the British Pound Sterling by N2.23 to trade at N516.87/£1 compared with Tuesday’s closing rate of N519.10/£1 and against the Euro, it gained 65 kobo to sell at N437.48/€1 versus the preceding day’s N438.13/€1.
Also, at the peer-to-peer (P2P) fore window, the domestic currency appreciated against the American Dollar at the midweek session by N2 as it closed at N613/$1 in contrast to the N615/$1 it was traded a day earlier.
At the cryptocurrency market yesterday, fresh interest rate hike fears in the US put the ecosystem into another panic mode amid the current volatility within markets.
TerraUSD (UST) was again thrown into turmoil as it slid 30.1 per cent to $0.0915. This happened as it was discovered that the project’s in-house legal team has left the company Terraform Labs (TFL) unexpectedly following the recent value fallout.
Solana (SOL) went down by 12.5 per cent to trade at $49.88, Cardano (ADA) dropped 12.4 per cent to quote at $0.5061, Litecoin (LTC) declined by 8.4 per cent to $66.67, Ethereum (ETH) deflated by 8.2 per cent to trade at $1,920.89, while Dogecoin (DOGE) went down by 6.9 per cent to sell at $0.0839.
Further, Ripple (XRP) also depreciated 6.9 per cent to trade at $0.4079, Binance Coin (BNB) recorded a 5.9 per cent depreciation to settle at $288.26, Bitcoin (BTC) declined by 5.6 per cent to $28,750.34, while the US Dollar Tether (USDT) recorded a 0.03 per cent loss to sell for $0.9986.
