Adedapo Adesanya
By Adedapo Adesanya
The Nigerian Naira weakened on the American Dollar across the various segments of the foreign exchange (FX) market; Investors and Exporters (I&E), black market, and the Peer-2-Peer (P2P) windows, on Wednesday, June 21.
In the I&E segment, the Naira crumbled by N6.56 or 0.87 per cent to settle at N763.17/$1 compared with the previous day’s value of N756.61/$1 amid a decline in the forex turnover by 28.28 per cent or $38.03 million to $96.44 million from $134.47 million.
Also, in the P2P arm of the market, the Naira depreciated against the US Dollar by N9 to sell at N785/$1 versus Tuesday’s value of N776/$1, and in the black market, the local currency lost N5 to trade at N765/$1 compared with the preceding session’s rate of N760/$1.
In the interbank segment, the Naira also witnessed a southward movement against the Pound Sterling yesterday by N80.92 to quote at N827.51/£1, in contrast to the previous day’s N746.59/£1 and against the Euro, it closed depreciated by N64.68 to quote at N705.94/€1, in contrast to Tuesday’s exchange rate of N641.26/€1.
In the cryptocurrency market, Bitcoin (BTC) briefly moved back above $30,000 as markets latched on to comments made by the US Federal Reserves Chairman, Mr Jerome Powell, regarding reducing inflation to around 2 per cent in the world’s largest economy.
BTC rose by 5.1 per cent to sell at $30,302.58, Ethereum (ETH) saw its value go up by 5.4 per cent to sell at $1,912.82, Cardano (ADA) added 7.1 per cent to trade at $0.298, Litecoin (LTC) went up by 6.6 per cent to trade at $82.00, and Dogecoin (DOGE) made a 6.4 per cent appreciation to sell at $0.0679.
Further, Solana (SOL) made a 3.9 per cent jump to quote at $17.46, Ripple (XRP) recorded a 3.1 per cent appreciation to trade at $0.5145, and Binance Coin (BNB) added 0.8 per cent to sell for $253.13, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.
