Adedapo Adesanya
By Adedapo Adesanya
The Naira started the new week on a weaker note against the United States Dollar at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) on Monday.
At the Investors and Exporters sector of the foreign exchange (FX) market, the domestic currency retreated by 27 kobo or 0.06 per cent to trade at N415.00/$1 versus N414.73/$1 it was traded at the previous session.
During the trading session, the value of transactions achieved at the spot market stood at $225.94 million, 119.3 per cent or $122.93 million higher than the $103.01 million transacted last Friday.
This spike in the demand for forex at the market segment could have been responsible for the pressure on the local currency came under yesterday.
However, at the interbank window, the value of the Nigerian currency against the American currency remained unchanged on Monday at N411.74/$1 and it was not a different scenario against the Pound Sterling as it closed flat at N546.26/£1 and against the Euro it was also flat at N465.68/€1.
As for the digital currency market, all the 10 cryptocurrencies tracked by Business Post across several trading platforms recorded gains as they continued another part to ascension following the recent correction.
Bitcoin (BTC) posted a 4.6 per cent appreciation as it sold for N28,850,892.71, Ethereum (ETH) saw its value rise by 2.1 per cent to sell at N2,499,999.99, Dash (DASH) jumped by 9.7 per cent to quote at N80,649.62, Ripple (XRP) appreciated by 8.9 per cent to trade at N484.95, while Tron (TRX) made a 6.3 per cent top-up to sell at N51.97.
In addition, Binance Coin (BNB) gained 5.7 per cent to trade at N240,974.11, Cardano (ADA) made a 5.4 per cent rise to sell at N861.02, Dogecoin (DOGE) improved by 3.4 per cent to sell at N106.61, Litecoin (LTC) gained 0.5 per cent to trade at N89,475.79, while the United States Dollar Tether moved up by 0.1 per cent to trade at N568.01.
