By Adedapo Adesanya
The Naira depreciated against the Dollar at the first session of the week at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, trading at N416.50/$1 compared with N416.33/$1 it was exchanged last Friday.
This indicated that the exchange rate of the domestic currency at the spot market declined by 0.04 per cent or 17 kobo amid forex crisis in the country caused by different factors.
It was observed that during the session, the value of transactions at the I&E jumped by $57.39 million or 45.9 per cent to $125.1 million from the preceding session’s turnover of $67.71 million.
This significant rise in the demand for FX at the market window and the shortage of foreign currencies to meet the requests of customers contributed to the weakening of the local currency yesterday.
However, the Nigerian currency traded flat against the Pound Sterling at the market on Monday, closing at N565.96/£1 and against the Euro, it was a similar situation as the exchange rate remained static at N478.41/€1.
But at the cryptocurrency market, the recent tension appeared to be doused as all the 10 tokens tracked by Business Post yesterday were in the positive territory.
Ripple (XRP) appreciated by 21.1 per cent to close at N509.58, Litecoin (LTC) improved by 10.5 per cent to sell at N81,275.25, Dash (DASH) rose by 6.6 per cent to trade at N71,620.55, Cardano (ADA) appreciated by 6.3 per cent to settle at N712.80, while Tron (TRX) saw a 4.6 per cent appreciation to sell at N51.25.
In addition, Dogecoin (DOGE) made a 4.4 per cent rise as it traded at N96.53, Bitcoin (BTC) made a 3.2 per cent jump to close at N25,492,827.03, Ethereum (ETH) made a 2.3 per cent leap to quote at N1,849,200.19, Binance Coin (BNB) recorded a gain of 2.1 per cent to finish at N180,786.16, while the US Dollar Tether (USDT) rose by 0.1 per cent to sell for N577.88.
