By Adedapo Adesanya
The Naira closed the last trading day of the week on a weaker note in the Investors and Exporters (I&E) window of the foreign exchange market on Friday, June 30, the first session since Tuesday after the Sallah holiday break.
With the return of the market, there was a slight rush for the greenback as the Naira lost 0.82 per cent or N6.25 to close at N769.25/$1 versus last Tuesday’s value of N763/$1.
Data obtained by Business Post from FMDQ Securities Exchange showed that the local was under FX demand pressure as the turnover for the day remained high.
Transactions worth $263.45 million were executed in the official market yesterday, 7.2 per cent or $17.80 million higher than the $245.65 million carried out on Tuesday.
Also, in the parallel market, the Nigerian currency depreciated against the United States Dollar on Friday by N1 to quote at N771/$1 compared with Thursday’s exchange rate of N770/$1.
However, in the Peer-2-Peer (P2P) window, where trading also continued during the holidays like the black market, the domestic currency appreciated yesterday by N2.60 to sell at N768.00/$1 versus the previous day’s N770.60/$1.
A look at the exchange rate of the Naira to the Pound Sterling in the spot market showed that it weakened by N9.78 to close at N968.34/£1 versus N958.56/£1 and lost N9.41 against the Euro to trade at N831.88/€1 compared with the preceding session’s N822.47/€1.
The cryptocurrency market continued its moderate momentum yesterday ahead of the anticipated consumer sentiment report from the United States, which is expected to show an increase in overall consumer confidence.
The US Consumer Price Index (CPI) rose 4 per cent in the 12 months through May, the Bureau of Labor Statistics (BLS) said Wednesday.
Bitcoin (BTC) lost 1.8 per cent to close at $30,390.48, Solana (SOL) depreciated by 3.9 per cent to $18.02, Ripple (XRP) recorded a 2.2 per cent slide to trade at $0.4692 and Cardano (ADA) slid by 0.6 per cent to $0.2838.
However, Ethereum (ETH) went up by 1.3 per cent to $1,915.31, Litecoin (LTC) grew by 10.9 per cent to $106.25, Dogecoin (DOGE) expanded by 5.5 per cent to $0.0689, Binance Coin (BNB) jumped 1.0 per cent to $241.12, and the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
Modupe Gbadeyanka