By Adedapo Adesanya
The local currency weakened against the US Dollar by 50 kobo or 0.12 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, November 9.
According to data obtained from the market yesterday, the value of the Naira to the Dollar was N416.50/$1 compared with the preceding day’s N416/$1.
The domestic currency suffered the loss despite a 26.0 per cent or $27.31 million decline in the demand for FX at the market window on Wednesday.
During the trading day, the value of transactions at the I&E stood at $77.61 million compared with the turnover of $104.92 million recorded on Tuesday.
It was not different at the interbank market window, where the Nigerian currency also suffered a loss against the United States currency, depreciating by 17 kobo yesterday to sell for N414.61/$1 in contrast to N414.44/$1 of the previous day.
In the same vein, the Naira depreciated against the British Pound Sterling at the midweek session by N2.25 as it sold at N565.57/£1 versus Tuesday’s closing rate of N563.02/£1.
Against the Euro, the indigenous currency declined by N1.23 on Wednesday to trade at N471.25/€1 in contrast to N470.02/€1 it closed a day earlier.
Meanwhile, the cryptocurrency market witnessed a recovery on Wednesday as nine of the 10 digital coins tracked by Business Post recorded gains, with Cardano (ADA) rising by 8.9 per cent to trade at N754.47.
Ripple (XRP) appreciated by 6.8 per cent to N440.01, Litecoin (LTC) rose by 6.4 per cent to sell at N79,636.97, Binance Coin (BNB) gained 5.3 per cent to trade at N200,894.04, while Dogecoin (DOGE) appreciated by 4.5 per cent to sell at N93.56.
Further, Tron (TRX) made a 4.7 per cent rise to sell for N38.68, Ethereum (ETH) jumped by 4.2 per cent to trade at N1,921,793.40, Bitcoin (BTC) improved by 0.1 per cent to quote at N24,403,999.09 just as the US Dollar Tether (USDT) appreciated by 0.1 per cent to sell for N569.83.
But Dash (DASH) depreciated by 0.2 per cent during the trading day to sell at N81,844.35.
Modupe Gbadeyanka