Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the US Dollar in the Peer-2-Peer (P2P), the parallel market, and the Investors and Exporters (I&E) arms of the foreign exchange (forex) window on Tuesday, March 7.
Traders exchanged their local currency for the American currency at N760/$1 versus N755/$1 in the previous trading session, indicating a decline of N5.
In the black market, the Nigerian currency tumbled against the greenback yesterday by N1 to settle at N749/$1, in contrast to the preceding session’s N748/$1.
In the I&E segment of the market, the domestic currency lost 17 Kobo or 0.04 per cent against the American currency on Tuesday to quote at N461.50/$1 compared with Monday’s exchange rate of N461.33/$1.
It was observed that the FX demand pressure persistent during the session as data obtained by Business Post showed that the value of forex transactions increased by 52.77 per cent or $57.00 million yesterday to $165.01 million from the $108.01 million achieved a day earlier.
In the interbank segment, the value of the Naira to the Pound Sterling and the Euro remained unchanged on Tuesday at N553.28/£1 and N489.27/€1, respectively.
Meanwhile, in the cryptocurrency market, there was a red wave across the key tokens tracked by this newspaper after Federal Reserve Chairman, Mr Jerome Powell, said that the economy was running hotter than expected and the US central bank was “prepared to increase the pace of rate hikes” to maintain price stability.
Bitcoin fell by 1.9 per cent to sell at $22,024.40, Ethereum (ETH) went down by 1.2 per cent to $1,553.46, Solana (SOL) declined by 5.4 per cent to $19.64, Litecoin (LTC) went south by 3.6 per cent to $84.97, Dogecoin (DOGE) dwindled by 3.0 per cent to $0.0730, Cardano (ADA) deflated by 2.5 per cent to trade at $0.3236, and Binance Coin (BNB) lost 0.5 per cent to sell for $286.38.
But Ripple (XRP) appreciated by 1.4 per cent to trade at $0.3766, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.
