Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated heavily at the Investors and Exporters (I&E) window of the foreign exchange market as its value slid by 1.34 per cent or N5.71 against the American Dollar on Friday, July 15.
During the final session of the three-day trading week, the domestic currency closed at N430.33/$1 versus the N424.62/$1 it was sold in the previous session at the official FX market.
This happened despite not coming under demand pressure as the value of transactions plunged by 28.2 per cent or $24.76 million to $63.19 million from the preceding session’s $87.95 million.
In the Peer-to-Peer (P2P) window of the FX market, the domestic currency went down by 0.16 per cent or N1 against the United States Dollar as it sold for N624/$1 compared with the previous day’s N623/$1.
However, in the interbank segment of the market, the Naira appreciated against the British currency – the Pound Sterling, by N1 to wrap up at N490.09/£1 in contrast to Thursday’s N492.09/£1 and against the Euro, the local currency declined by 25 Kobo to trade at N415.9/€1 compared with the preceding day’s N416.15/€1.
Meanwhile, at the cryptocurrency market, seven of the 10 digital currencies tracked by Business Post were bearish amid fresh recession fears.
Litecoin (LTC) appreciated during the session by 0.6 per cent to close at $51.48, TerraClassicUSD (USTC) grew by 0.4 per cent to finish at $0.0469, while the US Dollar Tether (USDT) recorded a 0.02 per cent gain to settle at $0.9998.
On the other side, Cardano (ADA) depreciated by 1.8 per cent to sell for $0.4351, Binance Coin (BNB) recorded a 1.4 per cent decrease to trade at $235.69, Ripple (XRP) also fell by 1.4 per cent to trade at $0.335, Solana (SOL) went down by 1.3 per cent to finish at $36.63, Bitcoin (BTC) declined by 1.1 per cent to close at $20,596.67, Dogecoin (DOGE) went down by 0.9 per cent to sell at $0.0621, while Ethereum (ETH) depreciated by 0.8 per cent to trade at $1,202.71.
