Adedapo Adesanya
By Adedapo Adesanya
The Naira closed stringer against the Dollar for yet another session on Tuesday by 33 kobo or 0.08 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.
At the trading day, the Nigerian Naira was traded at N414.50/$1 in contrast to N414.83/$1 it was transacted on Monday at the forex window.
This was influenced by the decline in the pressure on the local currency yesterday as the turnover for the session stood at $127.68 million from the previous day’s $130.83 million, indicating a reduction by 2.4 per cent or $3.15 million, according to data obtained from FMDQ Securities Exchange by Business Post.
However, at the interbank window of the FX market, the Naira had a bad day against the American currency as it depreciated by six kobo or 0.02 per cent as it closed at N410.77/$1 compared with the preceding day’s N410.71/$1.
Meanwhile, at the digital currency market, transactions were still bearish yesterday as a result of the action taken by China’s Central Bank on cryptocurrency.
The bank declared that all crypto-related transitions are illegal, citing concerns about gambling fraud and money laundering. The move sparked a sharp drop in markets with some investors racing to dump their holdings.
Bitcoin (BTC) continued its downward trend at the session with a 3.0 per cent slump to trade at N23,965,349.59, Ethereum (ETH) made a 4.7 per cent slide to sell at N1,620,000.89, Dash (DASH) recorded a 3.2 per cent depreciation to quote at N89,182.53, Tron (TRX) made a 2.5 per cent fall to sell for N49, while Litecoin (LTC) saw a 1.9 per cent drop to trade at N83,240.40.
In addition, Cardano (ADA) pointed south with a 0.8 per cent loss to trade at N1,224.16, Ripple (XRP) depreciated by 0.4 per cent to finish at N540.98, Binance Coin (BNB) decreased by 0.3 per cent to close at N137,928.39, Dogecoin (DOGE) also fell by 0.3 per cent to sell at N118.95, while the US Dollar Tether (USDT) went down by 0.2 per cent to sell for N574.50.
