Adedapo Adesanya
By Adedapo Adesanya
The Naira weakened against the US Dollar in the Investors and Exporters (I&E), the black market, and the Peer-to-Peer (P2P) windows of the foreign exchange (forex) market on Wednesday, September 13.
This was aggravated by the shortage in the supply of FX into the system as the government makes efforts to change the tide.
In the I&E segment, the domestic currency reversed its fortune in the previous session on Tuesday and fell by 2.2 per cent or N16.02 to close at N758.12/$1 versus the previous day’s N742.10/$1, amid a jump of 25.1 per cent or $10.61 million in the value of FX trades in the official market.
Data from the FMDQ Securities Exchange showed that the turnover for the trading session was $52.87 million compared with the previous session’s $42.26 million.
In the parallel market, the Naira depreciated against the Dollar yesterday by N30 to trade at N950/$1, in contrast to Tuesday’s exchange rate of N930/$1.
Also, in the P2P segment, the local currency lost N2 against the American currency to finish at N954/$1 compared with the N952/$1 it was sold a day earlier.
It was a similar situation for the Nigerian currency against the Pound Sterling in the spot market as it shed N27.61 to close at N964.72/£1 versus the previously traded rate of N937.11/£1 and against the Euro, it dropped N23.67 to sell at N827.11/€1 versus Tuesday’s N803.44/€1.
In the cryptocurrency market, most tokens rose after the collapsed digital asset exchange, FTX, was given the green light to sell billions in crypto assets by the judge overseeing its bankruptcy proceedings.
Judge John Dorsey on Wednesday approved that the defunct crypto brand can now sell $3.4 billion in Solana (SOL), Ethereum (ETH), Bitcoin (BTC), and other assets at the US Bankruptcy Court for the District of Delaware.
SOL made the highest gain as it rose by 5.0 per cent to $18.75, Bitcoin (BTC) rebounded above $26,000 after it chalked up 1.4 per cent to close at $26,266.67, while Ethereum (ETH) appreciated by 2.1 per cent to $1,617.
Further, Litecoin (LTC) went up by 3.8 per cent to trade at $62.18, Ripple (XRP) recorded a 1.0 per cent appreciation to quote at $0.4811, Cardano (ADA) also grew by 1.0 per cent to $0.24673, Dogecoin (DOGE) made a 0.9 per cent rise to sell at $0.0613, Binance Coin (BNB) improved by 0.8 per cent to $211.72, Binance USD (BUSD) jumped by 0.06 per cent to $1.00, and the US Dollar Tether (USDT) increased by 0.05 per cent to $1.00.
