By Adedapo Adesanya
The Naira suffered a heavy loss against the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Thursday, July 7.
Business Post reports that the value of the Nigerian currency was down by N5 or 0.81 per cent during the session to settle at N625/$1 in contrast to the N620/$1 it was exchanged with the greenback a day earlier.
Also, in the Investors and Exporters (I&E) window of the forex market, the Naira depreciated against the American currency by 41 or 0.1 per cent to trade at N428.16/$1 compared with the preceding session’s N427.25/$1.
This loss was further worsened by a significant rise in the value of FX transactions recorded at the spot market as data from the FMDQ Securities Exchange showed that the turnover for the session was $222.84 million, $141.2 million or 172.9 per cent higher than the $81.64 million achieved on Wednesday.
But in the black market, the Naira appreciated against the US Dollar by N3 or 0.49 per cent to settle at N611/$1 in contrast to the N614/$1 it quoted at the midweek trading day.
In the interbank segment, the local currency for the third straight day closed flat against the Pound Sterling and the Euro on Thursday, closing at N498.83/£1 and N427.93/€1 respectively.
As for the digital currency market, the bulls dominated the space, with Bitcoin (BTC) growing by 7.6 per cent to $21,977.624 and Ethereum (ETH) rising by 6.8 per cent to $1,252.95.
Ripple (XRP) rose by 6.8 per cent to trade at $0.3533, Litecoin (LTC) appreciated by 6.7 per cent to $53.37, Dogecoin (DOGE) went up by 4.4 per cent to sell at $0.0714, TerraClassicUSD (USTC) rose by 4.1 per cent to $0.0522, Solana (SOL) recorded a 3.8 per cent jump to trade at $38.27, Cardano (ADA) gained 3.2 per cent to quote at $0.4815, Binance Coin (BNB) rose by 2.7 per cent to trade at $242.82, and the US Dollar Tether (USDT) improved by 0.03 per cent to sell for $0.9995.
