Adedapo Adesanya
By Adedapo Adesanya
The Naira opened the new week in the negative zone at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Monday.
The Naira, according to data from the FMDQ Securities Exchange, 32 kobo or 0.08 per cent against the US Dollar to close at N411.07/$1 in contrast to N410.75/$1 it ended last Friday.
The domestic currency suffered this decline in value yesterday despite the FX demand pressure easing as the turnover for the day significantly reduced by 34.5 per cent or $79.56 million.
During the session, data obtained by Business Post showed that transactions worth $151.37 million were carried out at the I&E window versus the $230.93 million recorded at the preceding trading session.
A look at the black market, where the local currency had recorded immense pressure over the last two weeks, things normalised on Monday as the Naira traded flat against the US Dollar at N502/$1.
It equally closed flat against the Pound Sterling at the same parallel market yesterday at N710/£1 but gained N1 against the Euro to close at N607/€1 compared to N608/€1 it traded at the previous session.
At the interbank segment of the market, the exchange rate of the Nigerian Naira to its American counterpart recorded a slight movement on Monday.
The local currency appreciated by one kobo against the greenback yesterday to trade at N410.17/$1 as against the previously traded rate of N410.18/$1.
Meanwhile, at the cryptocurrency market, only one of the seven digital tokens tracked by Business Post closed in the positive territory and this was the Dash (DASH), which jumped by 4.2 per cent to N96,877.01.
The Bitcoin (BTC) waned by 3.9 per cent to N17,510,069.59, Ethereum (ETH) lost 2.1 per cent to sell at N1,332,286.00, Ripple (XRP) went down by 8.1 per cent to N435.03, Litecoin (LTC) depreciated by 5.9 per cent to trade at N82,003.00, Tron (TRX) dropped 2.6 per cent to sell at N37.20, while the US Dollar Tether (USDT) slumped by 0.4 per cent to N503.
