Adedapo Adesanya
By Adedapo Adesanya
The midweek session ended with the Naira recording a 50 kobo 0r 0.12 per cent loss at the Investors and Exporters (I&E) segment of the foreign exchange market to settle at N416.25/$1 compared with N415.75/$1 it closed on Tuesday.
The Naira recorded the decline at the market segment on the back of sustained forex demand pressure, with transactions worth $165.39 million achieved on Wednesday as against the $102.07 million achieved a day earlier. This indicated that the value of trades rose by 62.0 per cent or $63.32 million.
At the interbank segment of the FX market, the value of the Naira to the Dollar went down by 18 kobo to trade at N416.54/$1 in contrast to N416.36/$1 at the preceding trading day.
Similarly, the exchange rate of the local currency compared with the British Pound Sterling declined by N3.28 to close at N565.20/£1 versus N561.92/£1 it was sold at the previous session and against the Euro, the domestic currency contracted by N2.04 to sell for N471.44/€1 compared to N469.40/€1 it was traded on Tuesday.
A look at the digital currency on Wednesday showed that the landscape was generally bearish as all the 10 tokens tracked by Business Post pointed south.
The outcome is happening as several asset classes grip investors who had been preparing for tighter monetary policy from the US Federal Reserve and higher interest rates.
At the close of business, Dash (DASH) plunged by 6.2 per cent to trade at N61,706.88, Litecoin (LTC) also moved down by 6.2 per cent to trade at N52,696.02, Cardano (ADA) lost 5.2 per cent to sell at N595.76, Binance Coin (BNB) declined by 4.6 per cent to N151,874.98, while Ethereum (ETH) depreciated by 4.3 per cent to sell at N1,521,788.42.
Further, Bitcoin (BTC) declined by 4.1 per cent to trade at N21,108,886.36, Ripple (XRP) fell by 3.8 per cent to trade at N348.45, Dogecoin (DOGE) dropped 3.4 per cent to sell at N79.88, Tron (TRX) went down by 2.7 per cent to sell at N33.66, while the US Dollar Tether (USDT) went down by 0.1 per cent to N573.67.
