By Adedapo Adesanya
The Naira depreciated by 0.29 per cent or N4.63 against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, August 30, selling at N1,598.56/$1 compared with the previous day’s value of N1,593.93/$1, according to data obtained from FMDQ Securities Exchange.
Similarly, the local currency performed badly against the Pound Sterling in the official market yesterday by N7.48 to settle at N2,106.05/£1 compared with the preceding day’s rate of N2,098.57/£1 and depleted against the Euro during the trading session to finish at N1,772.09/€1, in contrast to Thursday’s exchange rate of N1,765.80/€1.
The poor outcome happened amid an 11.1 per cent or $17.28 million rise in the supply of FX in the spot market on the last trading session of the week to $172.80 million from the $155.52 million recorded a day earlier.
In the same vein, the domestic currency depreciated against the Dollar in the parallel market yesterday by N10 to settle at N1,630/$1 compared with the previous day’s closing value of N1,620/$1.
Meanwhile, in the cryptocurrency market, there was a boost in the price of Litecoin (LTC) as the crypto community spotted a big Litecoin transfer made to the Binance exchange. The transfer, involving 200,000 LTC, was equivalent to $12,765,026, with the coin rising in value at the close of business by 3.7 per cent to $64.79.
Further, Dogecoin (DOGE) saw a value appreciation of 1.9 per cent to sell at $0.1011, Ripple (XRP) added 0.8 per cent to trade at $0.5664, Binance Coin (BNB) went up by 0.2 per cent to close at $535.78, Ethereum (ETH) also jumped by 0.2 per cent to quote at $2,521.06, and Bitcoin (BTC) expanded at the close of transactions by 0.1 per cent to $59,139.42.
On the flip side, Cardano (ADA) went down by 2.1 per cent to $0.3473, and Solana (SOL) recorded a 1.6 per cent decline to sell at $137.14, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) sold flat at $1.00 apiece.
