By Adedapo Adesanya
The Naira depreciated on the US Dollar at the Investors and Exporters (I&E), the parallel market, and the Peer-to-Peer (P2P) segments of the foreign exchange (FX) market on Monday, September 4.
During the trading day, the local currency lost 1.01 per cent or N7.49 against the US currency in the official market to settle at N747.87/$1, in contrast to the preceding session’s N740.38/$1, as the value of transactions waned by 58.2 per cent or $103.89 million to $74.64 million from $178.53 million.
In the P2P market, the value of the Nigerian currency shrank against the United States currency by N5 yesterday to sell at N926/$1 compared with the previous trading day’s N921/$1.
Also, in the black market window, it depreciated during the trading session by N2 to trade at N923/$1 versus last Friday’s exchange rate of N921/$1.
However, in the spot market, the Naira closed flat against the British Pound Sterling and the Euro on Monday at N935.35/£1 and N801.38/€1, respectively.
A look at the digital currency market, the tokens were mixed after the US Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund (ETF) applications. However, this has not dented the expectations of analysts.
In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.
Bitcoin (BTC) went down by 1.0 per cent to sell at $25,704.13, Ethereum (ETH) depreciated by 0.9 per cent to trade at $1,622.06, Solana (SOL) shrank by 2.3 per cent to $19.30, Litecoin (LTC) decreased by 1.7 per cent to quote at $63.22, and Ripple (XRP) recorded a 0.6 per cent slide to trade at $0.5066.
In addition, Binance Coin (BNB) recorded a 0.2 per cent slump to sell at $214.63, the US Dollar Tether (USDT) dropped 0.02 per cent to settle at $0.9995, and Binance USD (BUSD) declined by 0.01 per cent to $0.9998, while Dogecoin (DOGE) recorded a 0.4 per cent appreciation to trade at $0.0636, and Cardano (ADA) gained 0.06 per cent to sell for $0.2573.
Modupe Gbadeyanka