By Adedapo Adesanya
The exchange rate of the Naira to the United States Dollar further depreciated at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday, February 8, 2022.
The scarcity of forex at the market could be responsible for the poor performance of the local currency yesterday as it depreciated by 17 kobo or 0.04 per cent to settle at N416.67/$1 as against N416.50/$1 it ended on Monday.
According to data obtained from FMDQ Securities Exchange, the value of FX transactions on Tuesday stood at $74.56 million compared with the $125.1 million achieved a day earlier.
This indicated that the turnover for the trading session went down by 40.4 per cent or $50.54 million and due to the inability to meet the demands of customers, the value of the Nigerian currency dropped against its American counterpart.
But during the trading day, the value of the Pound Sterling, according to data from the Central Bank of Nigeria (CBN), appreciated by 54 kobo to N565.42/£1 from the previous day’s N565.96/£1 and against the Euro, it N1.66 to close at N476.75/€1 compared to N478.41/€1 it finished on Monday.
Business Post reports that at the peer-to-peer (P2P) market yesterday, the exchange rate of the local currency to the greenback averaged at N574/$1.
A look at the performance of the digital currency market on Tuesday showed that the bears made an appearance, causing nine of the benchmarked 10 coins to fall.
Cardano (ADA) recorded a 6.3 per cent slide to sell at N667.75, Dogecoin (DOGE) dropped 5.5 per cent to trade N91.34, Binance Coin (BNB) lost 5.4 per cent to sell at N171,759.68, Litecoin (LTC) went south by 5.2 per cent to trade at N77,000, while Dash (DASH) lost 4.6 per cent to sell at N64,111.44.
Ethereum (ETH) depreciated by 1.8 per cent to sell at N1,771,900.11, Ripple (XRP) declined by 1.1 per cent to N500.08, Tron (TRX) fell by 1.0 per cent to sell at N47.60, while Bitcoin (BTC) declined by 0.7 per cent to sell for N25,073,710.96.
The single price gainer was the United States Dollar Tether (USDT), which grew by 0.8 per cent to N579.30.
Modupe Gbadeyanka