Adedapo Adesanya
By Adedapo Adesanya
The Naira weakened against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange (forex) market on Tuesday, August 23 by N1 or 0.14 per cent to sell for N700/$1 compared with the previous day’s N699/$1.
Equally, the Nigerian currency lost 0.29 per cent or N1.24 against the American Dollar yesterday to trade at the Investors and Exporters (I&E) to trade at N430.67/$1 compared with Monday’s exchange rate of N429.43/$1.
According to data from the FMDQ Securities Exchange, the value of FX transacted at the spot market during the session was $175.67 million, 8.5 per cent or $13.73 million higher than the $161.94 million recorded in the previous day, pushing pressure on the local currency.
However, the Naira traded flat against the greenback at the black market on Tuesday as its value remained unchanged at N686/$1 at the close of transactions.
In the interbank segment, the domestic currency appreciated against the Pound Sterling yesterday by N1.55 or 0.3 per cent to sell for N496.87/£1 in contrast to the preceding day’s N498.42/£1 and against the Euro, it gained N2.92 or 0.7 per cent to settle at N419.04/€1 versus Monday’s N421.96/€1.
Meanwhile, the cryptocurrency market recovered, according to data obtained by Business Post across the various crypto exchanges, with Ethereum (ETH) growing by 4.0 per cent to sell at $1,635.62.
Litecoin (LTC) gained 3.5 per cent to trade at $56.24, Ripple (XRP) recorded a 2.6 per cent rise to settle at $0.343, Shiba Inu (SHIB) added 2.2 per cent to its value to close at $0.00001318, while Cardano (ADA) recorded a 1.9 per cent increase to sell at $0.4577.
Furthermore, Bitcoin (BTC) jumped by 1.8 per cent to sell at $21,360.23, Solana (SOL) appreciated by 1.5 per cent to finish at $34.89, Binance Coin (BNB) recorded a 0.9 per cent appreciation to trade at $297.47, Dogecoin (DOGE) rose by 0.8 per cent to quote at $0.0678, while the US Dollar Tether (USDT) improved its value by 0.01 per cent to sell for $1.00.
