Adedapo Adesanya
By Ahmed Rahma, Adedapo Adesanya
The Naira witnessed a drop in price against the US Dollar at the Investors and Exporters (I&E) window on Tuesday as it was unable to handle renewed pressure on it.
For the second trading session, the value of the Nigerian currency declined by N2.43 or 0.59 per cent to N411.63/$1 from N409.20/$1 it traded on Monday.
At the close of the market, transactions worth $59.17 million were recorded in contrast to $24.38 of the preceding session, signifying an increase of not less than $34.79 million or 142.7 per cent in the day’s turnover.
However, at the unregulated market, the Naira gained N2 against the American Dollar to settle at N480/$1 as against N482/$1 of the preceding day and gained N3 against the Euro to finish at N580/€1 in contrast to N583/€1 of the previous day.
But the local currency traded flat against the British Pound Sterling to close at N672/£1.
At the Bureaux De Change (BDC) segment of the market, traders still sold the Naira against the Dollar at N395/$1 on Tuesday. Also, the value of the domestic currency against the greenback remained unchanged at the interbank segment of the market at N379/$1.
At the cryptocurrency market on Tuesday, the prices of the major coins tracked by Business Post moved in different directions.
The Ethereum (ETH) appreciated by 0.9 per cent to sell at N1,029,804.30; the Dash (DASH) gained 4.9 per cent appreciation to sell at N146,982.00; while the Litecoin (LTC) improved by 2.9 per cent to trade at N121,432.89.
However, the Bitcoin (BTC) lost 2.0 per cent to trade at N31,809,937.99; the US Dollar Tether (USDT) printed a 9.9 per cent loss to settle at N630.30, the Ripple (XRP) fell by 1.6 per cent to trade at N291.40, while the Tron (TRX) depreciated by 2.8 per cent to sell at N31.70.
