By Adedapo Adesanya
The Nigerian Naira recorded a better performance against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, April 6.
This was because the local currency appreciated by 0.08 per cent or 33 kobo to close at N416.50/$1 compared with the preceding session’s N416.83/$1.
The indigenous currency regained its strength at the spot market yesterday on the back of improved FX supply to the market window, which enabled end-users to have their requests met by the dealers, which were mostly financial institutions.
At the spot market, it was observed that the Naira maintained stability against the British Pound Sterling and the Euro at the midweek session, closing flat at N545.41/£1 and N458.09/€1 respectively.
Also, the exchange rate of the Naira to the greenback at the Peer-2-Peer (P2P) segment of the currency exchange market remained unchanged on Wednesday at N584/$1.
However, the cryptocurrency market was not lucky yesterday as the bears took firm control of the ecosystem, with all the 10 benchmarked tokens tracked by Business Post depreciating in value.
This market was depressed by information that the US Federal Reserve officials agreed to cut up to $95 billion a month from the world’s largest economy asset holdings as another tool in the fight against surging inflation.
Consequently, the price of Dogecoin (DOGE) shed 11.8 per cent to trade at N85.57, Solana (SOL) dipped by 9.9 per cent to N67,850.96. Dash (DASH) slid by 8.5 per cent to sell for N66,747.90, Cardano (ADA) declined by 7.4 per cent to N635.53, while Litecoin (LTC) dropped 6.5 per cent to trade at N67,057.67.
Further, Ripple (XRP) went south by 4.9 per cent to trade at N484.20, Ethereum (ETH) depreciated by 4.8 per cent to sell at N1,851,205, Bitcoin (BTC) retreated by 4.5 per cent to N26,733,000, Binance Coin (BNB) recorded a 0.5 per cent loss to trade at N177,628.47, while the US Dollar Tether (USDT) decreased by 0.1 per cent to quote at N592.55.
Modupe Gbadeyanka