Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated by N1 against the US Dollar at the unregulated segment of the foreign exchange (forex) market on Thursday, August 26 to trade at N522/$1 compared to N521/$1 it was sold at the previous session.
However, the domestic currency retained its previous exchange rate against the Pound Sterling and the Euro at the black market yesterday at N712/£1 and N605/€1 respectively.
But at the Investors and Exchange (I&E) window of the market, Naira gained N1.12 or 0.27 per cent against the American currency to trade at N410.88/$1 compared with N412/$1 it quoted on Wednesday.
The strong performance put up by the domestic currency was gingered by a decline in the demand for FX at the market window, according to data from the FMDQ Securities Exchange.
During the trading day, transactions recorded depreciated by 18.2 per cent or $32.88 million to $147.31 million from the $180.19 million recorded at the preceding session.
Meanwhile, at the interbank segment of the market, which is the official exchange window of the country, the value of the Naira depreciated by 2 kobo on Thursday to N410.21/$1 from N410.19/$1 of the last trading session, which was on Wednesday.
Cryptocurrencies Fall as Market Rebalances
A look at the digital currency market yesterday showed that investors quickly took profit from the gains printed in the previous day and this plunged the prices of five of the seven cryptos tracked by Business Post on the trading platform, Quidax.
Litecoin (LTC) posted the highest fall as it dropped 6.9 per cent to sell at N86,500.00, Ethereum (ETH) depreciated by 2.9 per cent to close at N1,635,977.01, Ripple (XRP) went down by 2.8 per cent to trade at N594.99, Bitcoin (BTC) fell by 2.5 per cent to close at N24,699,788.00, while Tron (TRX) declined by 2.0 per cent to sell at N44.14.
On the flip side, the US Dollar Tether (USDT) appreciated by 1.1 per cent to N525.98, while Dash (DASH) gained 0.8 per cent to quote at N132,000.
