Naira Performs Badly Against Dollar at Currency Market
By Adedapo Adesanya
It was another woeful outing for the Naira at the currency market on Thursday, losing against the United States Dollar at both the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments of the market.
At the spot market, the value of the local currency depreciated by 0.2 per cent or 83 kobo against the greenback to trade at N417.50/$1 compared with the previous day’s exchange rate of N416.67/$1.
Also, the domestic currency depreciated against the Pound Sterling at the official window by N1.54 to trade at N542.42/£1 compared to the previously traded rate of N540.88/£1.
However, the Nigerian Naira appreciated against the Euro by N2.15 yesterday to close at N448.45/€1 in contrast to the N450.60/€1 it was exchanged for a day earlier.
At the P2P segment of the foreign exchange (FX) market, the Naira weakened against its American currency by N1 or 0.17 per cent to quote at N587/$1 in contrast to N586/$1 of the preceding day.
Meanwhile, nine of the 10 digital coins tracked by Business Post on the cryptocurrency market on Thursday depreciated in value, with Solana (SOL) losing 4.5 per cent to sell at N60,605.37.
Cardano (ADA) lost 3.7 per cent to trade at N563.08, Bitcoin (BTC) witnessed a 3.2 per cent depreciation to close at N24,913,940, Litecoin (LTC) fell by 2.9 per cent to N64,692.74, Ethereum (ETH) declined by 2.8 per cent to N1,821,001, Dash (DASH) depreciated by 2.2 per cent to sell for N60,645.31, Binance Coin (BNB) recorded a 1.5 per cent loss to trade at N171,631.05, Ripple (XRP) went down by 0.8 per cent to N433.14, while the US Dollar Tether (USDT) lost 0.4 per cent to sell for N599.97.
But Dogecoin (DOGE) gained 1.8 per cent during the session to trade N86.07 on the back of information that Mr Elon Musk was offering to buy 100 per cent of Twitter.
In a now-deleted Twitter post, Mr Musk had proposed that the company incorporate Dogecoin for Twitter Blue payments and investors see the takeover possibly bringing this to reality.