Adedapo Adesanya
By Adedapo Adesanya
All is still not well with the Nigerian currency as its value continues to depreciate against its United States counterpart at the local currency exchange market.
On Monday, the Naira depreciated against the Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market by 0.18 per cent or 75 Kobo as it closed at N425.75/$1 compared with the previous session’s value of N425.00/$1.
The local currency declined during the session despite a fall in the value of forex trades at the spot market as data from the FMDQ Securities Exchange indicated that a turnover of $47.56 million was recorded as against the $78.86 million published in the preceding session, implying a decline of $31.3 million or 39.7 per cent.
It was not different at the Peer-to-Peer (P2P) segment yesterday as the domestic currency devalued by N1 against the greenback to N620/$1 from N619/$1.
In the same vein, the Naira depreciated against the American Dollar on the black market on Monday by N2, closing at N609/$1 in contrast to the preceding session’s exchange rate of N607/$1 amid the demand for FX by those who could not get from the official windows provided by the Central Bank of Nigeria (CBN).
Furthermore, the local currency depreciated against the British Pound Sterling yesterday by N5 to trade at N505.65/£1 compared with last Friday’s value of N500.65/£1 and lost 73 Kobo against the Euro as it closed at N434.76/€1 versus the previous N434.03/€1.
In the cryptocurrency market, nine of the 10 digital coins pointed northwards as July began on a strong note after consecutive tumultuous months for the asset class in May and June.
TerraClassicUSD (UST) was the only loser yesterday as it lost 7.9 per cent to trade at $0.0584.
Ethereum (ETH) rose by 9.6 per cent to sell at $1,156.06, Solana (SOL) recorded a 9.3 per cent appreciation to quote at $35.90, Binance Coin (BNB) grew by 8.1 per cent to $302.26, Bitcoin (BTC) gained 6.1 per cent to finish at $20,294.70, Dogecoin (DOGE) went up by 4.8 per cent to $0.0695, Cardano (ADA) improved by 4.1 per cent to $0.4683, Litecoin (LTC) appreciated by 4.1 per cent to trade at $52.09, Ripple (XRP) went up by 2.3 per cent to $0.3267, while the United States Dollar Tether (USDT) grew by 0.01 per cent to trade at $0.9991.
