Adedapo Adesanya
By Adedapo Adesanya
Despite a significant increase in the demand for foreign currencies at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, September 21, the Naira appreciated against the United States Dollar.
Business Post reports that the Nigerian Naira gained 40 kobo or 0.10 per cent against the greenback yesterday to trade at N413.28/$1 at the market window in contrast to N413.68/$1 it traded at the first trading session of the week.
A turnover of $200.65 million was recorded at the session as against the $91.23 million achieved at the preceding day, indicating a surge of $109.42 million or 119.9 per cent.
The local currency was able to withstand the pressure because of the sufficient supply of FX to the market by the Central Bank of Nigeria (CBN), which is making efforts to stabilise the space.
However, at the interbank segment of the market, the Nigerian currency closed against the American Dollar at the weaker side by one kobo. This was because it was quoted on Tuesday at N410.6/$1 compared with N410.59/$1 it was traded on Monday.
Meanwhile, at the cryptocurrency market, investors continue to monitor happenings in China over the deepening crisis of Evergrande, a massive Chinese property conglomerate that is at risk of defaulting.
Nine of the 10 digital coins tracked by Business Post headed downward for yet another day, with Bitcoin (BTC) losing 5.8 per cent to sell at N23,999,803.90.
Ethereum (ETH) went down by 6.7 per cent to trade at N1,698,979.37, Ripple (XRP) lost 5.4 per cent to sell for N511.00, Dash (DASH) slid by 3.5 per cent to sell for N97,023.05, while Binance Coin (BNB) dropped 1.0 per cent to N147,757.58.
In addition, the US Dollar Tether (USDT) moved downwards by 0.9 per cent to N568.32, Cardano (ADA) lost 0.8 per cent to sell at N1,228.04, Tron (TRX) recorded a 0.3 per cent drop to trade at N53.74, while Litecoin (LTC) depreciated by 0.2 per cent to sell at 90,801.20.
The only gainer at the market was Dogecoin (DOGE), which appreciated by 0.3 per cent to N125.56.
