Adedapo Adesanya
By Adedapo Adesanya
The Naira was pressured against the United States Dollar in the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, the Peer-to-Peer (P2P) and the parallel market on Thursday, September 29.
At the official market, the Nigerian currency fell to a new low of N437.03/$1 after it lost 0.15 per cent or 66 Kobo. In the preceding day, the exchange rate was N436.37/$1.
Business Post observed that the domestic currency was weakened due to a surge in forex requests during the session by 95.2 per cent or $113.81 million to $223.30 million from $119.49 million.
In the P2P forex window, the value of the Nigerian currency depreciated against the Dollar by N1 to close at N749/$1 in contrast to the N748/$1 it was quoted in the midweek session.
In the parallel market, the local currency lost N7 or 0.96 per cent against the greenback to trade at N735/$1 compared with Wednesday’s rate of N728/$1.
Furthermore, in the interbank segment, the Naira depreciated against the Pound Sterling yesterday by N11.34 to close at N469.88/£1 in contrast to the previous day’s rate of N458.54/£1 and against the Euro, it slid by N6.77 to end the day at N420.75/€1 versus Wednesday’s value of N413.98/€1.
Meanwhile, the cryptocurrency market continued to behold bearish sentiments as investors’ appetites remained on the side of caution, with Bitcoin (BTC) slumping by 0.3 per cent to sell at $19,468.12, and Ethereum (ETH) losing 0.5 per cent to sell at $1,332.84. Dogecoin (DOGE) went down by 0.3 per cent to trade at $0.0607, and Binance Coin (BNB) recorded a 0.1 per cent depreciation to trade at $283.73.
However, Ripple (XRP) recorded a 9.9 per cent jump to trade at $0.4871, Solana (SOL) appreciated by 0.9 per cent to sell at $34.05, Litecoin (LTC) added 0.4 per cent to close at $53.82, and Cardano (ADA) recorded a 0.3 per cent increase to sell at $0.4372.
Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.
