Adedapo Adesanya
By Adedapo Adesanya
The Naira performed badly against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, January 6.
The Nigerian Naira depreciated by 25 kobo or 0.06 per cent during the session as the exchange rate closed at N416.25/$1 versus N416.00/$1 of the previous session.
This is the first time that the local currency depreciated this year after appreciating back-to-back at the opening two sessions of the 2022 trading year.
This occurred as the forex turnover fell marginally at the session by 1.1 per cent or $1.3 million as trades valued at $113.65 million were carried out compared with $114.95 million executed on Wednesday.
Also, the local currency continued its depreciation against the American currency at the interbank segment of the market as it lost 17 kobo yesterday to trade at N413.96/$1 in contrast to N413.79/$1 of the preceding session.
But against the Pound Sterling, the Naira appreciated by 6 kobo to trade at N560.38/£1 compared to N560.44/£1 and against the Euro, the domestic currency gained 27 kobo to sell for N468.06/€1 compared to N468.33/€1 it was sold at the midweek session.
As for the digital currency market, six of the 10 tokens tracked by Business Post across the several trading platforms remained in the bearish territory as the market continued to react to plans by the US Federal Reserve’s to start shrinking the country’s central bank’s swollen balance sheet.
Dash (DASH) recorded the highest loss as it dropped 5.2 per cent to sell for N69,992.88, Ethereum (ETH) fell by 3.2 per cent to sell at N2,029,999.99, Bitcoin (BTC) posted a 2.2 per cent loss as it sold for N24,537,434.98, Binance Coin (BNB) recorded a 1.8 per cent depreciation to trade at N197,495.31, Ripple (XRP) lost 1.6 per cent to trade at N455.25, while Dogecoin (DOGE) depreciated by 0.1 per cent to quote at N92.14.
Conversely, Cardano (ADA) made a 1.6 per cent rise to sell at N712.53, Litecoin (LTC) added 1.3 per cent to trade at N78,031.84, the United States Dollar Tether moved up by 0.7 per cent to trade at N576.18, while Tron (TRX) added 0.4 per cent to its value to trade at N42.19.
