Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Monday, October 4.
Business Post gathered that the local currency lost 17 kobo or 0.04 per cent against the greenback to quote at N413.55/$1 in contrast to N411.38/$1 it traded at the last trading session, which was last Thursday.
The market had not traded on Friday, October 1 as a public holiday was declared by the federal government in commemoration of the country’s 61sth Independence Day celebration.
At the return to the market yesterday, the value of transactions at the investors’ window went down by 22.89 per cent or $32.30 million to $108.83 million from the preceding session’s $141.13 million.
At the interbank segment of the FX market on Monday, it was also a similar scenario as the Nigerian currency closed weaker against the American Dollar by 3 kobo or 0.01 per cent to settle at N410.83/$1 compared with the N410.80/$1 it was sold at the preceding session.
Meanwhile, investments in the cryptocurrency market were still volatile yesterday as only four of the 10 digital coins tracked by this newspaper were in the positive territory.
The most popular of the digital currencies, Bitcoin (BTC), led the gainers as it recorded a 2.1 per cent appreciation to sell at N27,871,580.47. The US Dollar Tether (USDT) moved up by 1.3 per cent to sell for N575.00, Ethereum (ETH) made a 1.1 per cent gain to trade at N1,944,935.98, while Dogecoin(DOGE) rose by 0.5 per cent to sell at N140.81.
But Litecoin (LTC) depreciated by 4.9 per cent to quote at 94,658.00, Tron (TRX) went down by 4.3 per cent to trade at N52.25, Dash (DASH) depreciated by 2.9 per cent to sell for N98,600.81, Binance Coin (BNB) made a 1.6 per cent drop to trade at N175,281.72, Ripple (XRP) lost 0.8 per cent to settle at N609.09, while Cardano (ADA) decreased by 0.3 per cent to trade at N1,311.24.
