Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated by 0.12 per cent or 50 kobo on Monday, June 6 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market as investors exchanged their local currency for the United States Dollar at N420.25/$1 compared with the previous session’s N419.75/$1.
This occurred as there was no chance for FX traders to meet the rush for the demand for the greenback amid the current supply shortage as well as the commencement of the presidential primary of the ruling All Progressives Congress (APC).
According to data from the FMDQ Securities Exchange, there was a $136.61 million or 73.5 per cent drop in forex turnover to $49.24 million from $185.85 million.
At the Peer-to-Peer (P2P) window, the Naira remained stable against the greenback at N615/$1 but at the interbank segment, the domestic currency depreciated against the Pound Sterling by 59 kobo to trade at N522.53/£1 compared to the previously traded rate of N521.94/£1 and against the Euro, the Nigerian currency depreciated by 55 kobo to sell at N445.97/€1 in contrast to the last Friday’s value of N445.42/€1.
As for the digital currency market, all the 10 benchmarked tokens tracked by Business Post depreciated in value, with the crisis-laden coin TerraClassicUSD (USTC) moving downwards by 8.1 per cent to sell for $0.0147.
Binance Coin (BNB) recorded a 6.5 per cent depreciation to sell at $286.58, Litecoin (LTC) also went down by 6.5 per cent to trade at $61.06, Ethereum (ETH) declined by 6.4 per cent to quote at $1,750.51, while Bitcoin (BTC) retreated by 4.9 per cent to finish at $29,550.04.
In addition, Solana (SOL) depreciated by 4.9 per cent to settle at $39.54, Dogecoin (DOGE) saw a 4.3 per cent slump to trade at $0.09993, Ripple (XRP) recorded a 3.7 per cent fall to close at $0.3875, Cardano (ADA) went down by 2.6 per cent to trade at $0.0793, while the US Dollar Tether (USDT) pointed south by 0.01 per cent to trade at $0.9993.
