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Naira Depreciates at I&E as Cryptos Record Surge

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By Adedapo Adesanya

The Naira lost N1.25 against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, April 13.

Business Post reports that during the trading day, the domestic currency depreciated to N411/$1 from N409.75/$1 it closed at the first session of the week.

According to data obtained from the FMDQ Securities Exchange, the 17.6 per cent or $7.98 million increase in the turnover for the day may have been responsible for the decline in the value of the country’s currency.

Yesterday, at the special FX window for investors, transactions valued at $53.33 million were carried out compared with $45.35 million recorded on Monday. This increase put pressure on the Naira as forex dealers did not have enough supply to meet the demands of customers.

But at the parallel market, the Naira retained its previous closing rate against the trio of the US Dollar, the Pound Sterling and the Euro, selling at N485/$1, N670/£1, and N570/€1 respectively.

In the same vein, at the interbank segment of the market, the Nigerian Naira sustained its stability against its American counterpart at N379/$1.

Cryptos Bullish as Coinbase Set to List on Wall Street

At the cryptocurrency market yesterday, there was a generally positive outcome among the seven digital coins tracked by Business Post.

In one of the most obvious signs of growing acceptance of cryptocurrencies, Coinbase, an American cryptocurrency exchange platform, said it will list on the Nasdaq on Wednesday, April 14 at a valuation of about $100 billion.

In what points as a big win for the digital asset, which has come under scrutiny even going on to warrant an embargo in Nigeria, analysts said the Coinbase debut is driving interest in the entire crypto universe, luring in new investors and likely encouraging other entities related to the market to issue their own stock.

The most popular digital currency in the world, Bitcoin (BTC), climbed to an all-time high on the news and was trading around N31,376,000, 7.3 per cent higher than its previous day’s value.

Ripple (XRP) on its part appreciated on Tuesday by 30.6 per cent to sell at N913.99, Ethereum (ETH) made a 7.1 per cent gain to sell at N1,121,959.49 while Litecoin (LTC) added 4.9 per cent to trade at N130,086.73.

Also, the Dash (DASH) recorded a 5.4 per cent appreciation to sell at N148,087.84, Tron (TRX) pulled a 7.8 per cent appreciation to sell at N73.29.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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