Adedapo Adesanya
By Adedapo Adesanya
The Naira on Thursday lost the 50 kobo it gained against the Dollar on Wednesday at the Investors and Exporters (I&E) window of the foreign exchange market.
Business Post reports that during the trading session, the local currency depreciated N411/$1 from the N410.50/$1 it finished at the midweek session.
The domestic fell despite a decline in the demand for FX at the market segment by 38.4 per cent or $66.18 million to $106.34 million from the previous day’s $172.52 million.
The poor outing of the domestic currency came just as the Central Bank of Nigeria (CBN) said the Naira 4 Dollar promo would run indefinitely. The scheme was introduced to boost forex supply into the country through diaspora remittances.
Under the initiative, beneficiaries get N5 for every $1 sent to them and the bonus can be received in cash or transferred into their bank accounts.
Meanwhile, at the parallel market, the Naira made no movement against the greenback for another trading day as it remained fixed at N485/$1.
The local currency also remained stable against the Euro as it closed at N585/€1 on Thursday but lost N1 against the Pound Sterling to close at N676/£1 in contrast to the previous N675/£1.
At the interbank segment, the Naira maintained its stability against the United States Dollar as it closed at N379/$1 at the close of transactions yesterday.
Meanwhile, at the cryptocurrency market, profit-taking was witnessed on Thursday, leading to the fall of the Bitcoin (BTC) by 2.2 per cent to N28,004,942.49.
The Litecoin (LTC) depreciated by 4.6 per cent to sell at N167,001.00, while the Dash (DASH) lost 0.8 per cent to trade at N208,200.00.
On the flip side, the Ethereum (ETH) gained 0.9 per cent to sell at N1,748,478.11, the Ripple (XRP) appreciated by 2.7 per cent to trade at N790.86, the Tron (TRX) grew by 11.1 per cent to sell for N75.47, while the US Dollar Tether (USDT) rose by 0.6 per cent to sell at N511.07.
