Naira Trades Weaker Against Dollar at Investors’ Window

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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.

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