Naira Loses 75 kobo Amid Slight FX Supply Disruption
By Adedapo Adesanya
A slight supply disruption of foreign exchange (FX) to the Investors and Exporters (I&E) segment of the market caused the Naira to depreciate against United Dollar on Tuesday.
Data obtained from the market showed that the value of transactions at the FX window went up by 11.32 per cent or $12.32 million during the session to $121.15 million from the previous day’s $108.83 million.
However, the shortage in forex supply put the local currency under pressure and caused its value to go down by 75 kobo or 0.18 per cent as it closed at N414.30/$1 in contrast to N413.55/$1 it finished at the preceding trading day.
A look at the exchange rate at the interbank segment of the market indicated that yesterday, the Nigerian currency appreciated by one kobo against the American currency to sell at N410.82/$1 as against N410.83/$1 it was traded on Monday.
At the black market, the average value of the Naira to the Dollar stood at N562/$1, according to data independently sourced by Business Post from forex traders on the streets of Lagos on Tuesday.
As for the digital currency market, it was mixed as seven of the 10 tokens monitored yesterday closed in the green territory.
Bitcoin (BTC) appreciated by 4.2 per cent to sell for N28,999,984.84, Litecoin (LTC) grew by 4.4 per cent to trade at N98,472.77, Tron (TRX) improved by 3.2 per cent to sell at N53.87, while Dash (DASH) gained 2.3 per cent to quote at N100,867.94.
In addition, Ethereum (ETH) appreciated by 1.5 per cent to sell at N1,958,685.59, Cardano (ADA) went up by 0.8 per cent to sell at N1,296.44, while Binance Coin (BNB) appreciated by 0.3 per cent to trade at N179,873.49.
On the reverse side, Dogecoin (DOGE) recorded a 1.8 per cent decline to trade N153.58, while Ripple (XRP) and the United States Dollar Tether (USDT) both depreciated by 0.1 per cent to N609.49 and N574.16 respectively.