Domestic Currency Falls to N414.55/$1 at Spot Market

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By Adedapo Adesanya

The Naira weakened against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, November 8.

Data showed that the domestic currency depreciated at the spot market by 25 kobo or 0.06 per cent yesterday to close at N414.55/$1 compared with N414.30/$1 it traded at the previous session.

This happened on the back of a 73.7 per cent rise in the demand for forex, according to data obtained by Business Post from FMDQ Securities Exchange.

It was observed that the value of transactions for the trading session stood at $73.11 million as against the previous session’s turnover of $99.14 million.

However, at the interbank segment of the market, the Nigerian currency recorded no movement against the American currency as it closed flat N411.29/$1 yesterday.

It was a similar scenario at the same window against the Pound Sterling and the Euro as the exchange rate of the Naira remained unchanged at N553.02/£1 and N474.38/€1 respectively.

Meanwhile, the cryptocurrency market was largely bullish on Monday as nine of the 10 digital coins monitored by this newspaper appreciated in value, with Litecoin (LTC) gaining 12.5 per cent to trade at N124,051.66.

Bitcoin (BTC) appreciated by 4.1 per cent to sell for N36,377,133.21, Ripple (XRP) went up by 1.7 per cent to trade at N682.32, Ethereum (ETH) grew by 1.6 per cent to sell at N2,631,066.00, while Tron (TRX) also made a 1.6 per cent jump to sell at N59.41.

In addition, Dash (DASH) recorded a 1.3 per cent growth to quote at N112,419.37, Dogecoin (DOGE) made a 0.5 per cent gain to trade at N167.90, Binance Coin (BNB) gained 0.3 per cent to trade at N264,729.66, while Cardano (ADA) saw a 0.2 per cent rise to finish at N1,242.62.

But the United States Dollar Tether suffered a decline of 2.1 per cent during the trading session to trade at N553.30.

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