Naira Depreciates I&E as Bitcoin Falls at Crypto Market

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By Adedapo Adesanya

The Naira depreciated against the United States Dollar by 0.04 per cent or 17 kobo on Thursday, March 17 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, closing at N416.67/$1 compared with the previous day’s rate of N416.50/$1.

It was the first time the local currency was recording a movement against the greenback at the spot market in the last four trading sessions. The domestic currency reached its resistance limit yesterday as a result of forex demand pressure from traders as the weekend approaches.

At the over-the-counter, the Nigerian currency also depreciated against the Pound Sterling by N1.50 yesterday to trade at N546.76/£1 compared to the previous day’s N545.26/£1 and against the Euro, the indigenous currency also depreciated by N1.71 to sell for N460.27/€1 in contrast to N458.56/€1 it finished on Wednesday.

A look at the Peer-2-Peer (P2P) window showed that the Naira maintained stability against the United States Dollar on Thursday as it traded flat at N581/$1.

This is as the cryptocurrency market remained bullish with eight of the 10 digital coins monitored by Business Post remaining in the bulls’ territory.

Solana (SOL) led the gaining coins as it appreciated by 3.0 per cent to N53,346.52, Ethereum (ETH) gained 1.8 per cent to sell at N1,667,295, Ripple (XRP) went up by 1.7 per cent to trade at N483.77, while Binance Coin (BNB) recorded a 1.4 per cent gain to quote at N161,087.50.

In addition, Cardano (ADA) appreciated by 1.1 per cent to sell at N508.23, Litecoin (LTC) improved by 0.7 per cent to trade at N66,974.1, Dogecoin (DOGE) expanded by 0.6 per cent to settle at N70.95, while the US Dollar Tether (USDT) moved upwards by 0.1 per cent to sell for N595.94.

Conversely, Dash (DASH) went down by 0.9 per cent to sell for N56,465.54, while Bitcoin (BTC) declined by 0.5 per cent to quote at N24,119,989.

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