Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the United States Dollar at both the Investors and Exporters (I&E) and Peer-to-Peer (P2P) segments of the foreign exchange market and remained unchanged at the parallel market window.
Amid Nigeria’s wobbling forex supply, the local currency lost 50 Kobo or 0.35 per cent against the US Dollar at the I&E to close at N430.50/$1 in contrast to the prior day’s N430.00/$1.
Data from the FMDQ Securities Exchange showed that FX trades worth $93.54 million were carried out during the session, 25.3 per cent or $18.86 million higher than the $74.68 million reported the day before.
Also, the value of the Naira to the Dollar depreciated by N3 or 0.42 per cent at the P2P market segment to N715/$1 compared to the N712/$1 it was traded in the previous session and in the black market, the local currency traded flat against the greenback yesterday at N700/$1.
In the interbank segment of the market, the Naira witnessed a marginal loss against the Pound Sterling by 39 Kobo to wrap up at N491.94/£1 in contrast to Thursday’s exchange rate of N491.55/£1 and against the Euro, the local currency declined by 29 Kobo to close at N425.38/€1 versus N425.09/€1.
Meanwhile, at the digital currency market, six of the 10 tokens tracked by Business Post were bearish, with Ethereum (ETH) going down by 2.6 per cent to sell at $1,548.26 and Dogecoin (DOGE) depreciating by 0.9 per cent to trade at $0.0617.
In addition, Bitcoin (BTC) retreated by 1.4 per cent to sell for $19,808.09, Solana (SOL) depreciated by 1.5 per cent to close at $31.03, Binance Coin (BNB) recorded a 0.9 per cent slide to sell at $275.56, while Ripple (XRP) recorded a 0.8 per cent fall to trade at $0.3284.
On the gainers’ end, Litecoin (LTC) went up by 4.7 per cent to trade at $60.26, Cardano (ADA) recorded a 1.9 per cent growth to settle at $0.4658, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.
