Adedapo Adesanya
By Ahmed Rahma, Adedapo Adesanya
The woes of the local currency at the Investors and Exporters (I&E) window of the foreign exchange market continued on Monday as it depreciated heavily against the US Dollar.
At the market segment, the Naira lost N5 or 1.24 per cent against the greenback yesterday to trade at N409.67/$1 in contrast to N404.67/$1 it was traded last Friday.
According to data harvested by Business Post from the FMDQ Securities Exchange, the value of the domestic currency was badly disfigured by the Dollar despite a significant decline in FX demand.
During the trading session, the turnover reduced by 70.8 per cent or $68.29 million to $28.21 million from $68.29 million of the preceding session.
But at the black market, the Naira closed flat territory against the American currency to settle at N473/$1 and also traded flat against the Euro at the same market window to sell at N570/€1.
However, the Nigerian currency depreciated against the British Pound Sterling at the parallel market on Monday by N2 to quote at N652/£1 in contrast to the previous N650/£1.
At the interbank window, the Central Bank of Nigeria (CBN) maintained its Naira/Dollar auction rate to commercial banks yesterday at N379/$1. The local currency also remained unchanged against the greenback at the Bureaux De Change (BDC) segment of the forex market at N395/$1.
Meanwhile, at the cryptocurrency market, all the seven key tokens tracked by Business Post on a popular trading platform, Quidax, maintained the bull run.
The Bitcoin (BTC) appreciated by 2.2 per cent to trade at N23,300,015.95; Ethereum gained 3.3 per cent to sell at N870,000, while Dash (DASH) surged by 9.7 per cent to sell at N124,000.
Also, Litecoin (LTC) grew by 8.9 per cent to trade at N103,001.01; Ripple (XRP) recorded a 7.4 per cent jump to trade at N272.29, Tron (TRX) improved by 5.3 per cent to N26.18, while the US Dollar Tether (USDT) went up by 2.5 per cent to sell for N480.85.
