Adedapo Adesanya
By Adedapo Adesanya
The Naira lost 3 kobo or 0.01 per cent against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Thursday, October 28.
At the specialised forex market, the domestic currency was traded at N415.10/$1 as against the N415.07/$1 it was traded on Wednesday.
A significant increase in the demand for forex at the market window may have triggered the devaluation of the domestic currency against the greenback at the session.
Yesterday, the value of transactions at the investors’ segment was $263.70 million, according to data obtained from FMDQ Securities Exchange, which is 78.9 per cent or $116.26 million higher than the $147.44 million recorded at the midweek session.
At the interbank segment of the market, the local currency also witnessed a downward movement against the American currency by 4 kobo to close at N411.06/$1 in contrast to the previous day’s N411.02/$1.
However, the Naira gained N2.96 against the British Pound Sterling at the same market window to quote at N564.54/£1 compared with the previous rate of N567.50/£1 and against the Euro, the Nigerian currency gained 53 kobo to settle at N477.03/€1 versus the preceding session’s N477.56/€1.
Meanwhile, at the cryptocurrency market, after the dip from recent highs as a result of the sudden love for Shiba Inu, the market returned to recovery on Thursday with analysts saying the assets are calm and were slightly optimistic that this is just a dip before a larger rally into year-end.
As of the time of filing this report, all the 10 digital coins tracked by Business Post across several trading platforms recorded gains with Bitcoin (BTC) posting a 2.4 per cent appreciation as it sold for N33,900,209.99, while Ethereum (ETH) saw its value rise by 4.2 per cent to sell at N2,500,384.68.
Dogecoin (DOGE) pulled the highest gain across the board as it surged by 26.4 per cent to sell at N177.83, Binance Coin (BNB) gained 9.2 per cent to trade at N203,208.87, Litecoin (LTC) grew by 5.5 per cent to trade at N109,184.67, Ripple (XRP) rose by 5.2 per cent to trade at N608.13, Cardano (ADA) made a 4.4 per cent rise to sell at N1,204.45, Dash (DASH) recorded a 3.8 per cent appreciation to N105,181.21, the United States Dollar Tether moved up by 0.8 per cent to trade at N577.82, while Tron (TRX) made a 0.4 per cent top-up to sell at N53.99.
