Fri. Nov 22nd, 2024

Naira Trades Weaker Against Dollar at Investors’ Window

investors window

By Adedapo Adesanya

The Naira closed weaker by a marginal 0.01 per cent or 4 Kobo yesterday (Thursday, July 14) at the Investors and Exporters (I&E) segment of the foreign exchange market as investors exchanged their local currency for the US Dollar at N424.62/$1 compared with the N424.58/$1 it traded in the previous session.

The local currency’s weakening in the market happened as the daily turnover went up by $24.11 million or 44.6 per cent to $87.95 million from the midweek session’s $60.84 million.

However, at the Peer-to-Peer (P2P) window, the Naira maintained stability against the United States currency during the session at N623/$1 and was sold at N618/$1 in the parallel market, the same amount it went for a day earlier.

At the interbank window, the domestic currency depreciated against the greenback by 7 Kobo to sell at N415.90/$1 in contrast to the preceding day’s value of N415.83/$1, but against the British Pound Sterling, it appreciated by N6.74 to trade at N492.09/£1 compared to the previously traded rate of N498.83/£1 and gained N11.78 against the Euro to settle at N416.15/€1 compared with Wednesday’s exchange rate of N427.93/€1.

Meanwhile, in the digital currency market, all the 10 coins tracked by Business Post appreciated as recession fears drew buyers to the risky asset.

Ethereum (ETH) saw a 7.9 per cent appreciation to trade at $1,199.17, Solana (SOL) went up by 7.8 per cent to trade at $37.30, TerraClassicUSD (USTC) grew by 7.4 per cent to finish at $0.0409, while Ripple (XRP) rose by 6.9 per cent to trade at $0.3438.

Further, Litecoin (LTC) gained 3.9 per cent to close at $51.28, Binance Coin (BNB) recorded a 2.3 per cent increase to trade at $306.56, Bitcoin (BTC) improved its value by 1.9 per cent to quote at $20,592.08, Cardano (ADA) went up by 1.8 per cent to sell for $0.4426, Dogecoin (DOGE) went up by 1.6 per cent to sell at $0.0625, while the US Dollar Tether (USDT) appreciated by 0.01 per cent to close at $0.9995.

By Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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