Adedapo Adesanya
By Adedapo Adesanya
The Naira suffered a decline against the American Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market on Friday, losing 0.52 per cent or N3 to sell for N584/$1 compared with N581/$1 it was sold on Thursday.
Also, the nation’s currency recorded a decline of 0.08 per cent or 67 kobo against the greenback at the final trading session of the week at the Investors and Exporters (I&E) window of the FX market.
According to data obtained from the FMDQ Securities Exchange indicated that Naira was exchanged at N416.33/$1 at the spot market yesterday as against N417.00/$1 it traded at the previous trading session.
However, the local currency appreciated against the British Pound Sterling at the spot market on Friday by 49 kobo to quote at N549.29/£1 compared with the previously traded rate of N549.78/£1 and lost N1.06 against the Euro to sell for N458.52/€1 in contrast to the preceding session’s value of N457.46/€1.
A trip to the digital currency market showed that the bears dominated the landscape yesterday with nine of the 10 cryptos monitored by Business Post across several trading platforms pointing southwards.
Solana (SOL) depreciated by 2.9 per cent to sell at N60,318.58, Dogecoin (DOGE) declined by 1.9 per cent to trade N79.37, Dash (DASH) retreated by 1.8 per cent to quote at N74,408.33, Litecoin (LTC) went down by 1.6 per cent to finish at N74,408.43, while Cardano (ADA) also recorded a 0.6 per cent loss to sell at N663.45.
Further, Ripple (XRP) slid by 1.5 per cent to N496.22, Ethereum (ETH) contracted by 0.7 per cent to sell at N1,869,158, Binance Coin (BNB) dipped by 0.5 per cent to trade at N170,827.12, while the United States Dollar Tether (USDT) fell by 0.2 per cent to settle at N592.47.
But Bitcoin (BTC) closed the session with a 0.9 per cent appreciation as it sold for N26,611,392.00.
