Adedapo Adesanya
By Adedapo Adesanya
The foreign exchange (FX) crisis in Nigeria affected the performance of the Naira against the United States Dollar at the market on Monday.
At the Investors and Exporters (I&E) segment of the forex market yesterday, the domestic currency suffered a decline of 0.04 per cent or 17 kobo to trade at N416.50/$1 compared with the preceding session’s value of N416.33/$1.
However, at the spot market, the local currency appreciated by N3.38 against the British Pound Sterling to trade at N545.91/£1 compared to the previously traded rate of N549.29/£1 and against the Euro, the Nigerian Naira gained N1.98 to sell for N456.54/€1 in contrast to last Friday’s exchange rate of N458.52/€1.
Meanwhile, at the Peer-2-Peer (P2P) end, the Naira showed no movement against the American currency on Monday as it remained static at N584/$1.
At the cryptocurrency market, six of the 10 benchmarked tokens tracked by Business Post appreciated in value with Ethereum (ETH) rising by 2.4 per cent to sell at N2,008,098 and Cardano (ADA) growing by 2.3 per cent to sell at N728.29.
Bitcoin (BTC) improved by 0.9 per cent to N28,336,980, Ripple (XRP) also went up by 0.9 per cent to trade at N524.37, Solana (SOL) appreciated by 0.8 per cent to quote at N63,616.50, while the US Dollar Tether (USDT) moved upwards by 0.3 per cent to N590.79.
On the bearish wing, Dogecoin (DOGE) saw a 2.2 per cent drop to trade at N87.03, Litecoin (LTC) depreciated by 1.3 per cent to trade at N77,341.31, Dash (DASH) went down by 0.4 per cent to sell for N76,733.72, while Binance Coin (BNB) recorded a 0.1 per cent loss to trade at N180,949.22.
