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-2-Peer (P2P) windows of the foreign exchange market on Thursday, August 3.
In the I&E segment of the market, the domestic currency fell against the greenback by 4.7 per cent or N34.86 to close at N776.50/$1 compared with the previous day’s N741.64/$1.
This happened amid a 66.9 per cent or $89.69 million slump in the value of FX transactions during the session to $44.43 million from the $134.12 million reported in the midweek trading day.
In the P2P segment, the local currency depreciated against the American currency yesterday by N1 to trade at N880/$1 compared with the preceding trading session’s rate of N879/$1.
In the parallel market, the Nigerian Naira lost N10 against the US Dollar to close at N881/$1 versus Wednesday’s closing price of N871/$1.
Against the Pound Sterling, the domestic currency depreciated by N33.17 to close at N974.56/£1 compared to the previously traded rate of N941.39/£1 and it also dropped by N28.41 against the Euro to close at N839.27/€1, in contrast to the midweek’s value of N810.86/€1.
In the cryptocurrency market, there was a higher number of losses recorded as Bitcoin (BTC) remained around $29,000 despite gaining 0.4 per cent to quote at $29,208.72, as its rival, Ethereum (ETH) appreciated by 0.2 per cent to sell at $1,834.74.
Litecoin (LTC) went south by 3.8 per cent to trade at $83.06, Ripple (XRP) recorded a 2.5 per cent depreciation to finish at $0.6642, Cardano (ADA) slid by 1.7 per cent to end at $0.2937, Solana (SOL) made a 1.0 per cent slide to sell at $22.91 and Dogecoin (DOGE) depreciated by 0.5 per cent to sell at $0.0743.
However, Binance Coin (BNB) improved its value by 0.9 per cent to sell for $242.72, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
