Adedapo Adesanya
By Adedapo Adesanya
The Naira moved in different directions at the various segments of the foreign exchange (FX) market on Tuesday, gaining points at the peer-to-peer (P2P) and the black market and then losing weight at the Investors and Exporters (I&E) window.
Business Post reports that the Nigerian currency depreciated by N1.79 or 0.42 per cent against the United States Dollar to settle at N430.67/$1 compared with the previous day’s N428.88/$1.
Data from the FMDQ Securities Exchange indicated that forex demands at the I&E surged by 163.3 per cent or $98.41 million to $158.68 million from the previous day’s $60.27 million.
But at the P2P window, the local currency gained N18 or 2.6 per cent against the greenback to sell for N682/$1 in contrast to the previous day’s N700/41.
In the black market, the domestic currency appreciated against the American currency by N35 or 5.15 per cent to trade at N645/$1 compared with the N680/$1 it was exchanged on Monday.
At the interbank segment, the Naira lost 10 Kobo against the Pound Sterling to close at N509.68/£1 versus N509.58/£1 and against the Euro, it fell by 13 Kobo to finish at N426.62/€1 compared with the preceding session’s N426.49/€1.
Meanwhile, the cryptocurrency market swayed to the green side of the ecosystem on Tuesday, with Ethereum (ETH) appreciating by 2.3 per cent to trade at $1,617.29. Binance Coin (BNB) added 2.2 per cent to quote at $282.65, Cardano (ADA) improved its value by 1.5 per cent to settle at $0.5004, Dogecoin (DOGE) went up by 0.4 per cent to sell at $0.0664, while Litecoin (LTC) expanded by 0.31 per cent to trade at $57.51.
But Solana (SOL) recorded the heaviest fall during the trading day as its value went down by 4.5 per cent to trade at $38.53, TerraClassicUSD (USTC) depreciated by 1.0 per cent to close at $0.0353, Ripple (XRP) decreased by 0.9 per cent to finish at $0.0342, while Bitcoin (BTC) declined by 0.2 per cent to sell for $22,848.40, with the value of the US Dollar Tether (USDT) remaining unchanged at $1.00.
