Local Currency Trades Flat as Cryptocurrencies Fall

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By Adedapo Adesanya

The local currency closed flat against the US Dollar across the major segments of the foreign exchange (forex) market on Thursday, July 15.

At the Investors and Exporters (I&E) window of the market, the Naira retained the previous day’s exchange rate of N411.20/$1 yesterday.

This stalemate occurred as the turnover for the trading session depreciated by 42.2 per cent or $90.3 million as FX transactions valued at $123.69 million were recorded at the session in contrast to the $213.99 million recorded the day before.

Equally, at the unregulated segment of the FX market, the domestic currency traded flat against the US Dollar, Pound Sterling and the Euro.

At the close of transactions, the Naira was sold against the American currency at the parallel market at N505/$1, against the British currency at N708/£1 and against the Euro at N596/€1.

In the same vein, at the interbank segment, the Nigerian currency remained unchanged against the greenback at N410.13/$1, according to data obtained from the Central Bank of Nigeria (CBN).

Bears Continue to Rampage at Cryptocurrencies Market

At the cryptocurrency market, transactions continue to remain bearish as all the seven digital currencies monitored by Business Post on Quidax, a platform for trading and tracking real-time transactions, pointed south.

This followed the mining and cryptocurrency trading crackdown that happened in China last month and this caused cryptocurrency traders to be wary of the future of the market and precipitated the plunge in the appetite for the assets.

The most popular of the digital currencies, Bitcoin (BTC), recorded a 2.1 per cent depreciation to sell at N16,192,064.36. Ethereum (ETH) made a 0.8 per cent slide to trade at N1,043,999.00, while Ripple (XRP) witnessed a 1.9 per cent fall to N304.01.

In addition, the Dash (DASH) depreciated by 4.1 per cent to sell at N62,999.00, Tron (TRX) recorded a 1.1 per cent slump to trade at N30.19. Litecoin (LTC) lost 2.1 per cent to sell at 62,102.00, while the US Dollar Tether (USDT) went down by 0.6 per cent to sell for N516.99.

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