Adedapo Adesanya
By Adedapo Adesanya
The Naira ended in a stalemate against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday, December 22 as it closed the trading session at N415.10/$1, the same rate it finished on Tuesday.
This came as there was a decrease in the demand for forex at the special window created by the Central Bank of Nigeria (CBN) to cater for needs of investors intending to repatriate their funds from the country.
The value of FX trades recorded at the market segment was $215.29 million, 33.5 per cent or $108.27 million lower than the $323.56 million carried out at the preceding session.
At the interbank segment of the market, the value of the Naira to the US Dollar was in favour of he latter as the local currency depreciated by one kobo to trade at N411.92/$1 as against the preceding session’s value of N411.91/$1.
Similarly, the domestic currency depreciated by N1.74 against the British Pound Sterling yesterday to sell at N545.79/£1 compared with N551.22/£1 of the preceding day and against the Euro, it lost 76 kobo to settle at N465.02/€1 compared to N464.26/€1 it traded on Tuesday.
A look at the cryptocurrency market showed that it remained bullish as six of the digital coins appreciated in value, with Dogecoin (DOGE) gaining 4.2 per cent to trade at N100.52.
Ripple (XRP) grew by 4.1 per cent to N561.81, Tron (TRX) improved by 3.5 per cent to sell at N44.93, Cardano (ADA) rose by 3.2 per cent to sell at N771.54, the United States Dollar Tether (USDT) gained 0.7 per cent to quote at N568.34, while Binance Coin (BNB) recorded a 0.2 per cent rise to trade at N219,765.71.
Conversely, Ethereum (ETH) lost 6.2 per cent to sell at N2,192,800.01, Dash (DASH) slid by 2.7 per cent to sell at N75,878.93, Bitcoin (BTC) depreciatred by 1.7 per cent to trade at N27,475,427.46, while Litecoin (LTC) fell by 1.3 per cent to trade at N88,797.93.
