Adedapo Adesanya
By Adedapo Adesanya
The local currency for the first time in five straight trading sessions recorded a movement against the United States currency at the Investors and Exporters (I&E) window of the foreign exchange (FX) market.
On Thursday, the Naira appreciated by 27 kobo or 0.06 per cent after it had maintained stability against the greenback at the I&E segment for four trading sessions to close at N414.80/$1 compared with N415.07/$1 it finished on Wednesday.
This occurred as the turnover for the trading session retreated by 37.4 per cent or $83.51 million as trades worth $139.67 million were carried out compared with $223.18 million executed a day earlier.
But at the interbank segment of the forex market, the domestic currency traded flat against the US Dollar yesterday at N411.7/$1 and also remained unchanged against the Pound Sterling and the Euro at N548.43/£1 and N466.26/€1 respectively.
Meanwhile, at the cryptocurrency market, it was a mixture of the bad and good as five of the 10 digital currencies monitored by Business Post closed in the green territory.
The market is recovering from the recent market price corrections which occurred over fears arising from the emergence of the Omicron variant.
Ethereum (ETH) recorded a 3.1 per cent appreciation to sell at N2,599,009.64, Litecoin (LTC) gained 2.6 per cent to trade at N118,869.99, Dash (DASH) recorded a 1.1 per cent gain to trade at N102,999.99, Cardano (ADA) appreciated by 0.6 per cent to sell at N861.81, while the US Dollar Tether (USDT) made a 0.3 per cent rise to sell for N570.46.
On the reverse side, Tron (TRX) fell on Thursday by 3.3 per cent to sell at N54.88, Bitcoin (BTC) depreciated by 1.4 per cent to trade at N32,129,409.03, Ripple (XRP) went down by 0.9 per cent to trade at N550.01, Dogecoin (DOGE) declined by 0.4 per cent to sell at N114.86, Binance Coin (BNB) dropped 0.3 per cent to trade at N251,614.49.
