Adedapo Adesanya
By Adedapo Adesanya
It was a good day for the Naira at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday as it appreciated against the US Dollar at the close of transactions.
Business Post reports that the Nigerian currency gained 0.06 per cent or 27 kobo against its American counterpart to quote at N414.80/$1 compared with N415.07/$1 it was quoted on Tuesday at the same market segment.
This was despite the 113.1 per cent or $70.79 million spike in forex demand at the midweek trading session as the turnover for the day stood at $133.37 million compared with the $62.58 million achieved at the preceding session.
However, for yet another session, the Naira depreciated against the greenback at the interbank segment of the market by 7 kobo yesterday to sell for N411.24/$1 in contrast to N411.17/$1 it finished on Tuesday.
A look at the digital currency market showed that a majority of the cryptos tracked by this newspaper were bullish on Wednesday as the market aims to find its footing after a strong October.
Ripple (XRP) recorded the highest gain after growing by 6.3 per cent to sell for N680.00, followed by Litecoin (LTC) and Tron (TRX), which both went up by 2.1 per cent during the session to trade at N115,114.21 and N60.90 respectively.
Cardano (ADA) saw its value rise by 1.3 per cent to N1,216.06, Binance Coin (BNB) made a 1.2 per cent gain to trade at N229,962.24, while the second most popular of the digital currencies, Ethereum (ETH), appreciated by 0.9 per cent to trade at N2,524,985.96, with Dash (DASH) moving up by 0.3 per cent to sell for N114,989.99.
However, three coins were bearish on Wednesday led by the US Dollar Tether (USDT), which moved downwards by 1.5 per cent to sell for N563.10. Dogecoin (DOGE) closed 0.9 per cent lower to sell at N161.00, while Bitcoin (BTC) declined by 0.3 per cent to quote at N35,244,925.39.
