Adedapo Adesanya
By Adedapo Adesanya
The Nigerian Naira traded mixed at the various segments of the foreign exchange (FX) market tracked on Tuesday, July 6.
At the Investors and Exporters (I&E) window of the forex market, the Naira depreciated against the US Dollar by 20 kobo or 0.08 per cent to close at N411.45/$1 in contrast to N411.25/$1 it closed on Monday.
It was observed that the local currency performed badly as a result of an FX demand pressure from customers.
The value of transactions at the market segment significantly increased by 54.7 per cent or $39.12 million, according to data obtained from the FMDQ Foreign Exchange by Business Post.
Yesterday, transactions worth $110.67 million were made at the I&E window versus the $71.55 million recorded the preceding session.
But at the black market, which caters for FX demands not met at the government-regulated channels, the value of the Naira to the US Dollar remained unchanged on Tuesday at N503/$1.
Equally, against the Pound Sterling and the Euro, the Nigerian Naira closed flat at the parallel market at N710/£1 and N595/€1 respectively.
Furthermore, at the interbank segment, which caters for government transactions, the Naira slightly appreciated against the American currency by 4 kobo to finish at N410.12/$1 compared with N410.16/$1 of the previous session.
At the cryptocurrency market, the bearish sentiment continued on Tuesday as only two of the seven tokens monitored closed positive with Ethereum (ETH) rising by 2.9 per cent to sell at N1,200,621.95, while the US Dollar Tether (USDT) jumped by 1.3 per cent to sell for N517.40.
Litecoin (LTC) lost 3.9 per cent during the session to trade at N68,860.00, Ripple (XRP) declined by 1.8 per cent to trade at N333.01, Tron (TRX) made a 1.4 per cent fall to sell for N32.75, Bitcoin (BTC) slumped by 1.0 per cent to trade at N17,500,944.58, while Dash (DASH) plunged by 0.1 per cent to trade at N69,987.00.
