Naira Depreciates Against Dollar Across FX Segments
By Adedapo Adesanya
The Naira depreciated against the American Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market by 0.12 per cent or 50 kobo on Thursday, June 2.
On the previous trading day, the domestic currency was quoted at N419.00/$1 compared with the previous day’s exchange rate of N419.50/$1.
This happened as the value of forex trades at the investors’ segment skyrocketed by 342.0 per cent or $588.22 million to $760.2 million on Thursday from the preceding day’s $171.98 million.
Also, at the Peer-to-Peer (P2P) segment, the value of the Nigerian Naira depleted by 0.32 per cent or N2 to sell at N610/$1 compared with the N608/$1 it was transacted a day earlier.
However, in the interbank segment of the market, the Naira appreciated against the British currency – the Pound Sterling by 94 kobo to wrap up at N521.94/£1 in contrast to the N522.88/£1 it was sold in the previous session.
In the same vein, the Naira appreciated against the Euro yesterday by 83 kobo to trade at N444.42/€1 in contrast to the preceding day’s N445.25/€1.
Meanwhile, investors in the cryptocurrency market heaved a sigh of relief yesterday as the bulls resurfaced, with all the 10 benchmarked coins tracked by Business Post pointed north.
TerraClassicUSD (USTC) recovered 39.2 per cent to sell at $0.0804, Solana (SOL) went up by 5.6 per cent to trade at $40.74, Cardano (ADA) saw its value appreciate by 5.4 per cent to $0.5868, Ripple (XRP) rose by 3.2 per cent to trade at $0.4074, while Litecoin (LTC) gained 2.9 per cent to finish at $64.31.
Further, Dogecoin (DOGE) went up by 2.5 per cent to sell at $0.0826, Bitcoin (BTC) improved its value by 2.3 per cent to settle at $30,448.01, Binance Coin (BNB) recorded a 2.1 per cent increase to trade at $306.56, Ethereum (ETH) saw a 0.5 per cent appreciation to trade at $1,819.64, while the US Dollar Tether (USDT) recorded a 0.01 per cent gain to sell for $0.9994.