Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated by N1 or 0.24 per cent on the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Friday, May 28.
Business Post reports that the Naira was traded at N412/$1 at the market window during the session in contrast to N411/$1 it was traded at the preceding session.
It was observed that the local currency suffered a decline yesterday despite a reduction in the demand for FX at the segment of the market.
Data harvested from the FMDQ Securities Exchange showed that the turnover for the day went down by $194.59 or 55.5 per cent to $156.06 million from the preceding day’s $350.65 million.
However, at the black market, which caters for FX demands of customers not met at the government-regulated channels, the domestic currency retained its previous value against the US currency at N495/$1.
The Nigerian currency also traded flat against the Euro at the parallel market on Friday at N595/€1 but gained N2 against the Pound Sterling to settle at N690/$1 versus the previous rate of N692/£1.
At the interbank segment of the market, the exchange rate of the Naira to the Dollar remained unchanged at N410.25/$1 on Friday.
Blood at the cryptocurrency market
The bears were on a rampage at the cryptocurrency market on Friday and none of the seven tokens tracked by Business Post was spared and they devoured the Bitcoin (BTC) by 1.8 per cent as it closed at N18,447,029.70.
Ethereum (ETH) dipped by 9.8 per cent to trade at N1,299,482.30, Ripple (XRP) depreciated by 6.4 per cent to trade at N444.05, Tron (TRX) went down by 7.2 per cent to sell at N35.93, Litecoin (LTC) declined by 10.5 per cent to quote at N86,909.02, Dash (DASH) lost 5.6 per cent to sell at N103,360, while the US Dollar Tether (USDT) deflated by 1.4 per cent to trade at N499.99.
