By Adedapo Adesanya
The local currency depreciated by N1.67 or 0.41 per cent against the Dollar at the Investors and Exporters (I&) window on Tuesday, April 27.
This made the Nigerian currency close at N411.67/$1 at the investors’ FX window yesterday compared with N410/$1 it ended on Monday.
Business Post reports that the Naira could no longer withstand the pressure it has come under in the past few days from FX demand and yesterday, it finally succumbed.
The Naira, despite a rise in the demand for FX in the previous trading session, had maintained stability against the American currency.
But yesterday, after the turnover rose by 2.0 per cent or $0.97 million, the domestic currency depreciated as transactions worth $48.42 million were recorded compared with the preceding day’s $47.45 million.
However, it was a different scenario for the local currency at the parallel market as it maintained its stability against the grenback on Tuesday at N485/$1.
Also, the Naira traded flat against the Pound Sterling to close at N676/£1 but gained N2 against the Euro to sell for N580/€1 in contrast to the previous rate of N582/€1.
At the interbank segment of the market, the Naira remained unchanged against the United States Dollar at the close of transactions yesterday at N379/$1.
Meanwhile, at the cryptocurrency market, the value of some of the tokens monitored by Business Post on a crypto trading platform, Quidax, continued to rise on Monday after witnessing days of declines.
The Litecoin (LTC) appreciated by 5.5 per cent yesterday to trade at N127,855.82; the Ethereum (ETH) gained 4.3 per cent to sell for N1,324,900.00; the Dash (DASH) improved by 3.2 per cent to quote at N143,810.66; the Bitcoin (BTC) appreciated by 0.9 per cent to sell at N26,711,323.79; while the Tron (TRX) gained 2.1 per cent to close at N64.29.
However, the Ripple (XRP) fell by 1.3 per cent during the session to trade at N691.15, while the US Dollar Tether (USDT) lost 0.2 per cent to settle at N497.80.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
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