Adedapo Adesanya
By Adedapo Adesanya
Pressure is again mounting on the local currency at the various segments of the foreign exchange (forex) market as it further depreciated against the American Dollar on Tuesday at both the Peer-to-Peer (P2P) and the black market.
In the P2P FX window, the value of the Naira to the US Dollar went down by N25 or 3.7 per cent to N699/$1 from the previous day’s rate of N674/$1 and in the parallel market, it lost N6 or 0.91 per cent to quote at N666/$1 compared with Monday’s N660/$1.
However, at the Investors and Exporters (I&E) FX segment, the Nigerian Naira swung to the positive route as it rose N2.25 or 0.5 per cent against the US Dollar to close at N428.75/$1 compared with the N431/$1 it was sold in the previous session.
Data from the FMDQ Securities Exchange showed that the turnover for the session stood at $113.64 million, 1.8 per cent or $2.03 million lower than the $115.67 million of the earlier trading day.
In the interbank segment of the market, the Naira witnessed an upward movement against the Pound Sterling by 43 Kobo to sell for N507.59/£1 versus the N508.02/£1 of the preceding day and against the Euro, the local currency lost 86 Kobo to close at N429.08/€1 in contrast to Monday’s rate of N428.22/€1.
Meanwhile, the cryptocurrency market came under pressure on Tuesday, with Solana (SOL) recording the heaviest loss, depreciating by 7.2 per cent to settle at $39.53.
Litecoin (LTC) went down by 6.6 per cent to trade at $58.57, TerraClassicUSD (USTC) further moved downward by 6.5 per cent to sell for $0.0314, Ethereum (ETH) declined by 5.7 per cent to quote at $1,678.30, Cardano (ADA) fell by 4.9 per cent to settle at $0.5094, Dogecoin (DOGE) saw a 4.7 per cent slump to trade $0.0682, Bitcoin (BTC) moved downward by 4.1 per cent to $22,911.59, Ripple (XRP) recorded a 3.9 per cent slide to sell at $0.3625, while Binance Coin (BNB) depreciated by 2.5 per cent by to trade at $317.87, with the US Dollar Tether (USDT) retaining its previous day’s value of $1.00.
