Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, September 20.
The domestic currency lost 80 kobo or 0.2 per cent at the market window yesterday to trade at N413.68/$1 compared with the preceding session’s N412.88/$1.
It was the first trading session after the Central Bank of Nigeria (CBN) said it was making efforts to eliminate illegal FX dealers from the market.
The Governor of the CBN, Mr Godwin Emefiele, had also asked all genuine forex end-users to source foreign currencies from authorised channels as trading at the black market was illegal.
Yesterday, the I&E segment witnessed a 60.3 per cent or $138.56 million drop in turnover as transactions worth $91.23 million were carried in contrast to the $229.79 million recorded last Friday, according to data obtained by Business Post from FMDQ Securities Exchange.
However, things changed at the interbank window of the forex market, as the Nigerian currency appreciated against the Dollar by 98 kobo or 0.24 per cent to close at N410.59/$1 versus N411.57/$1 of the previous session.
Meanwhile, the crypto market turned bearish on Monday as traders showed concerns over the spillover risk to the global economy from Chinese property group Evergrande’s troubles spread across financial markets.
China is battling a highly contagious property market crisis and this is posing a serious risk with many people quickly taking profit with massive dump occurring across the digital assets.
Bitcoin (BTC) plunged by 8.7 per cent to trade at N24,639,691.09, Ethereum (ETH) slipped by 4.8 per cent to trade at N1,819, Ripple (XRP) slid by 13.7 per cent to trade at N528.01, Dash (DASH) lost 9.6 per cent to sell at N100,501.01, while Litecoin (LTC) went down by 8.3 per cent to N91,001.00.
Also, Tron (TRX) declined by 7.3 per cent to sell for N55.71, Cardano (ADA) decreased by 2.6 per cent to trade at N1,287.48, the US Dollar Tether (USDT) fell by 0.8 per cent to N574.89, Binance Coin (BNB) dropped 0.8 per cent to trade at N150,730.20, while Dogecoin (DOGE) fell by 0.7 per cent to sell at N129.27.
