Adedapo Adesanya
By Adedapo Adesanya
The Naira started the new trading week on a wrong note as it depreciated against the Dollar by 87 kobo or 0.21 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.
At the market window on Monday, the local currency closed at N411.67/$1 in contrast to N410.80/$1 it traded last Friday.
It was observed that a slight disruption in FX liquidity did not help matters yesterday as forex traders were unable to sufficiently meet the requests of their customers, which put pressure on the domestic currency.
Details of the transactions at the I&E market showed that the turnover for the day expanded by 7.5 per cent or $8.14 million on Monday as trades worth $117.17 million were executed compared with the $109.03 million carried out at the preceding session.
However, according to data obtained by Business Post, the Nigerian currency recorded stability against the American currency at the unregulated segment of the market.
Yesterday, the value of the Naira against the Dollar remained unchanged at the black market at N515/$1. It also traded flat against the Euro at the same market segment at N600/€1 but depreciated against the British Pound Sterling by N2 to sell at N705/£1 compared with N703/£1 it was traded last Friday.
At the interbank segment of the forex market, the exchange rate of the Naira to the US Dollar remained static at N410.11/$1 at the close of transactions on Monday.
Mixed Actions as Coins Plunge and Surge
There was a mixed movement across the seven tracked cryptocurrencies monitored by Business Post at the digital currency market on Monday.
The Bitcoin (BTC), the world’s most valued cryptocurrency, depreciated during the session by 1.0 per cent to sell at N23,650,000.00 and was joined by Ripple (XRP), which recorded a 6.7 per cent depreciation to sell at N610.10.
Also, Litecoin (LTC) dropped 1.1 per cent to trade at N93,397.75, while the United States Dollar Tether (USDT) went down by 0.5 per cent to sell for N523.00.
However, Dash (DASH) recorded a 7.2 per cent jump to sell at N199,998.00, Tron (TRX) pointed up by 3.2 per cent to N48.89, while Ethereum (ETH) lept by 2.8 per cent to N1,666,938.29.
