Adedapo Adesanya
By Adedapo Adesanya
The domestic currency weakened marginally against the US Dollar by 8 kobo or 0.02 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, January 27.
At the specialised window, the local currency closed against the greenback at N416.33/$1 compared with the N416.25/$1 it was exchanged at the previous session.
This happened on the back of an 8.3 per cent or $9.42 million rise in the demand for FX at the market window as investors transacted $113.71 million as against the previous session’s turnover of $123.13 million.
In the same vein, the Naira depreciated against the Dollar by 34 kobo to sell at N416.16/$1 compared to N415.82/$1 it was traded at the midweek session.
But the domestic currency performed better against the Pound Sterling and the Euro at the same market segment yesterday.
Against the British currency, the Naira gained N1.58 to sell for N557.28/£1 in contrast to Wednesday’s rate of N558.86/£1 and appreciated by N4.19 against the Euro to close at N464.52/€1 compared with the preceding day’s value of N468.71/€1.
At the cryptocurrency market, investors continued to play it safe as the ecosystem continues to be at the mercy of the US Federal Reserve decision to raise interest rates in March.
At the market on Thursday, Binance Coin (BNB) gained 7.2 per cent to trade at N161,968.50, Cardano (ADA) grew by 0.9 per cent to close at N622.02, the United States Dollar Tether improved by 0.6 per cent to sell at N585.00, Dogecoin (DOGE) made a 0.4 per cent gain to trade at N92.46, while Tron (TRX) also made a 0.4 per cent jump to sell at N33.00.
However, Ripple (XRP) was battered by 10.4 per cent to trade at N349.38, Ethereum (ETH) dropped 1.8 per cent to sell at N1,421,950.95, Litecoin (LTC) slid 1.1 per cent to trade at N62,672.47, Dash (DASH) recorded a 0.5 per cent slump to finish at N54,049.03 and Bitcoin (BTC) declined by 0.2 per cent to sell for N21,599,998.96.
