Adedapo Adesanya
By Adedapo Adesanya
The Naira had a bad day on Friday as it depreciated in the Peer-to-Peer (P2P) segment of the foreign exchange market against the Dollar by 0.16 per cent or N1 to N617/$1 in contrast to the previous day’s N616/$1.
Also, at the Investors and Exporters (I&E) window of the forex market, the Naira depreciated by 0.15 per cent or 62 kobo against the American currency to N419.50/$1 compared with the N418.88/$1 it was transacted on Thursday.
According to data obtained from FMDQ Securities Exchange, the domestic currency suffered this loss amid a reduction in the forex turnover for the trading session.
FX trades worth $107.84 million were carried out yesterday compared with the $157.46 million executed a day earlier, representing a decline of $49.62 million or 31.5 per cent.
At the interbank segment of the market, the local currency closed weaker against the Pound Sterling as it depleted by N1.01 to trade at N524.57/£1 compared to the previously traded rate of N523.56/£1 and against the Euro, the domestic currency fell by 19 kobo to close at 445.26/€1 in contrast to N445.07/€1.
In the cryptocurrency market, the bulls took control as seven of the 10 cryptos tracked by Business Post pointed north, with Dogecoin (DOGE) recording the highest rise of 6.9 per cent to trade at $0.0827.
Binance Coin (BNB) recorded a 2.4 per cent increase to trade at $302.89, Solana (SOL) appreciated by 2.1 per cent to $41.99, Ethereum (ETH) gained 0.7 per cent to sell at $1,770.73, Cardano (ADA) added 0.4 per cent to its value to finish at $0.4625, Litecoin (LTC) improved its price by 0.3 per cent to trade at $62.66, while Bitcoin (BTC) appreciated by 0.1 per cent to settle at $30,000.
On the flip side, the highest loser was the rebranded TerraClassicUSD (USTC), which continued its windfall with a 6.4 per cent loss to trade at $0.0397, Ripple (XRP) recorded a 2.4 per cent slide to quote at $0.3867, while the US Dollar Tether (USDT) moved downwards by 0.01 per cent to sell for $0.998.
