Adedapo Adesanya
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N414.73/$1 at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday, November 11.
This came as demand eased at the specialised session with investors’ need for the greenback dropping by 73.2 per cent or $224.23 million as total transactions worth $82.01 million were made, lower than the $306.24 million carried out at the preceding session.
However, it was not a similar situation at the interbank segment of the forex market as the domestic currency further depreciated against the Dollar by 2 kobo to trade at N411.39/$1 in contrast to N411.37/$1 it was traded on Wednesday.
But the local currency appreciated against the British Pound Sterling by N7.13 at the same market window yesterday to sell for N551.22/£1 compared to the preceding day’s N558.35/£1.
The Nigerian currency equally appreciated against the Euro on Thursday by N4.50 to quote at N471.91/€1 in contrast to N476.41/€1 it was traded at the previous trading day.
As for the digital currency market, it was in red as the bears dominated the ecosystem as investors are treading cautiously, leaving six of the 10 digital assets tracked by Business Post closing bearish.
Binance Coin (BNB) gained 2.4 per cent to trade at N259,756.50, Dash (DASH) appreciated by 1.9 per cent to sell at N127,349.64, Ethereum (ETH) improved by 1.8 per cent to settle at N2,639,900.00, while Dogecoin (DOGE) rose by 0.9 per cent to trade N157.46.
But Litecoin (LTC) depreciated by 9.6 per cent to trade at N143,349.64, Ripple (XRP) fell by 7.9 per cent to sell for N667.04, Tron (TRX) slipped by 4.4 per cent to sell at N58.79, The United States Dollar Tether (USDT) tripped by 2.0 per cent to close at N555.39, Cardano (ADA) declined by 1.1 per cent to trade at N1,590.00 while Bitcoin (BTC) lost 0.3 per cent to quote at N36,083,255.09.
