Adedapo Adesanya
By Adedapo Adesanya
The Naira further depreciated on Tuesday by 0.12 per cent or 50 kobo against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market to close at N417.00/$1 in contrast to N416.50/$1 of the previous trading session.
Also, the domestic currency depreciated against the Pound Sterling by N1.21 to sell for N547.12/£1 compared to the previously traded rate of N545.91/£1 and against the Euro, the Nigerian currency lost N5.29 to quote at N461.83/€1 in contrast to Monday’s exchange rate of N456.54/€1.
But the Naira further sustained stability against the United States currency at the Peer-2-Peer (P2P) segment of the forex market, closing flat at N584/$1 yesterday.
At the digital currency market, transactions were bearish as seven of the 10 virtual coins monitored by Business Post depreciated in value on Tuesday, with Ripple (XRP) recording the highest loss of 3.5 per cent to trade at N508.35.
Dogecoin (DOGE) went down by 2.6 per cent to sell at N85.39, Dash (DASH) slid by 0.9 per cent to trade at N75,259.67, Cardano (ADA) made a 0.8 per cent retreat to sell at N704.43, Bitcoin (BTC) posted a 0.6 per cent loss as it sold for N28,335,960.50, Binance Coin (BNB) dropped 0.5 per cent to N179,866.58, while Litecoin (LTC) declined by 0.5 per cent to trade at N77,036.83.
On the gainers’ angle, Solana (SOL) added 0.8 per cent to its value to trade at N64,945.03, Ethereum (ETH) saw its value rise by 0.4 per cent to sell at N2,015,350.92, while the United States Dollar Tether (USDT) moved up 0.1 per cent to trade at N589.82.
