Adedapo Adesanya
By Adedapo Adesanya
A day after the Central Bank of Nigeria (CBN) quietly devalued the Nigerian Naira at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, the local currency traded flat on Friday.
On Thursday, the domestic currency was devalued to N435.00/$1 from the preceding session’s value of N415.00/$1, indicating a change by N20 or 4.82 per cent against the United States Dollar.
At the investors’ window yesterday, which was the last trading session of the year, the Naira traded flat against the American currency at N435.00/$1.
During the session, the value of transactions depreciated by 33.9 per cent or $77.03 million to $150.26 million from the previous day’s turnover of $227.29 million.
However, at the interbank segment of the FX market, the Naira weakened further against the US Dollar by 79 kobo to trade at N413.49/$1 compared with the previous day’s N412.70/$1.
In the same vein, the local currency depreciated against the British Pound Sterling by 11 kobo to close at N557.09/£1 versus Thursday’s rate of N556.98/£1 and against the Euro, the indigenous currency declined by 55 kobo to settle at N468.09/€1 in contrast to N467.54/€1.
At the cryptocurrency market, six of the 10 tokens tracked by Business Post were in the red zone, with Cardano (ADA) losing 3.4 per cent to trade at N749.44.
Bitcoin (BTC) lost 2.9 per cent to trade at N26,400,085.03, Dogecoin (DOGE) retreated by 1.6 per cent to sell at N97.09, Binance Coin (BNB) dropped 1.4 per cent to trade at N212,726.65, Litecoin (LTC) slid by 0.5 per cent to sell at N84,100.00, while the US Dollar Tether (USDT) depreciated by 0.4 per cent to quote at N572.60.
On the reverse side, Tron (TRX) appreciated by 1.3 per cent to trade at N43.91, Dash (DASH) rose by 1.2 per cent to sell at N78,000.00, Ripple (XRP) appreciated by 0.3 per cent to N479.54, while Ethereum (ETH) made a 0.1 per cent jump to trade at N2,144,999.90.
