Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the US Dollar by 67 kobo or 0.16 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, February 14.
At the spot market, the exchange rate of the Naira to the greenback closed at N416.67/$1 in contrast to N416/$1 it was traded at the previous session, which was last Friday.
The Nigerian currency suffered the loss yesterday amid a slump in the demand for the greenback at the investors’ window, according to data published on the FMDQ Group’s portal.
The day’s trading data obtained by Business Post showed that the turnover for the session went down by 9.3 per cent or $7.87 million to $76.78 million from the previous session’s turnover of $84.65 million.
However, the domestic currency appreciated against the British Pound Sterling by N4.17 to trade at N562.56/£1 versus the preceding session’s N566.73/£1 and gained N6.57 against the Euro to close the day at N470.85/€1 compared with N477.42/€1 of the previous day.
At the Peer-2-Peer (P2P) foreign exchange window, the Naira crashed by N2 against the United States Dollar on Monday to trade at N575/$1 in contrast to N573/$1 it was exchanged at the last session.
A look at the cryptocurrency market, the landscape continued to make a recovery streak as six of the 10 benchmarked coins were in the positive territory.
Ethereum (ETH) appreciated by 5.4 per cent to sell at N1,788,893, Bitcoin (BTC) grew by 3.8 per cent to trade at N25,388,050.00, Ripple (XRP) appreciated by 3.5 per cent to N488.14, Litecoin (LTC) went up by 2.8 per cent to sell at N74,888.39, Cardano (ADA) appreciated by 2.7 per cent to trade at N87.41 and Dogecoin (DOGE) rose by 1.8 per cent to N87.41.
Dash (DASH) suffered the highest loss of 6.5 per cent to trade at N44,188.33, Tron (TRX) fell by 3.4 per cent to sell for N27.24, Binance Coin (BNB) pointed southwards by 2.8 per cent to sell at N171,775.16, and the US Dollar Tether (USDT) lost 0.1 per cent to quote at N578.87.
