Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated by 0.04 per cent or 17 kobo against the US Dollar on Friday at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, closing at N416.67/$1 compared with N416.50/$1 it transacted at the previous session.
According to data obtained from the FMDQ Securities Exchange, the value of forex transactions at the trading session stood at $115.26 million.
But against the Pound Sterling, the Naira appreciated yesterday by N4.02 to trade at N553.14/£1 compared to the previously traded rate of N557.16/£1 and against the Euro as the domestic currency gained N4.92 to settle at N456.98/€1 in contrast to N461.92/€1 it was traded on Thursday.
At the Peer-2-Peer (P2P) segment of the FX market, the Nigerian currency traded flat against the greenback on Friday, remaining unchanged at N574/$1.
At the cryptocurrency market, things are still bad as all the 10 benchmarked tokens tracked by Business Post across some trading platforms closed lower during the session.
The largest cryptocurrency by market capitalisation, Bitcoin (BTC), depreciated by 6.1 per cent to close at N24,505,920, Binance Coin (BNB) also recorded a 6.1 per cent loss to sell at N155,358.84, Dash (DASH) went down by 5.7 per cent to sell for N51,337.50, Litecoin (LTC) retreated by 5.4 per cent to quote at N65,325.81, while Solana (SOL) dropped 4.8 per cent to close at N51,499.07.
In addition, Ethereum (ETH) declined on Friday by 3.9 per cent to sell at N1,628,089, Cardano (ADA) also depreciated by 3.9 per cent to trade at N568.83, Ripple (XRP) went down by 3.1 per cent to trade at N489, Dogecoin (DOGE) went down by 2.9 per cent to finish at N80.4, while the US Dollar Tether (USDT) fell by 0.1 per cent to settle at N587.82.
