Adedapo Adesanya
By Adedapo Adesanya
A surge in the demand for foreign exchange (FX) at the Investors and Exporters (I&E) window on Wednesday weakened the Naira against the US Dollar.
Business Post gathered that the Naira lost N1 or 0.24 per cent to sell at N412/41 in contrast to N411/$1 it traded on Tuesday.
As earlier stated, this development was heightened by a rise in the FX turnover at the market segment yesterday as the value of transactions rose by $102.73 million or 132.6 per cent to $180.19 million from $77.46 million of the preceding session.
Investors approached the market at the midweek session to move out their funds from the economy and this put pressure on the local currency as traders grappled with a supply shortage from the Central Bank of Nigeria (CBN).
However, at the unregulated segment of the forex market, the local currency maintained stability against the Dollar yesterday, trading at N521/$1, the same rate it finished a day earlier.
But the Naira depreciated by N2 against the Pound Sterling at the parallel market to sell at N712/£1 in contrast to N710/£1 of the previous session and closed flat on the Euro at N605/€1.
Similarly, the domestic currency remained unchanged against the greenback at the interbank segment on Wednesday at N410.19/$1.
At the cryptocurrency market, investors had something to smile about with the return of the bulls to the ecosystem and a mild profit-taking on Tuesday.
Business Post observed that six of the seven tokens tracked on the trading platform, Quidax, pointed north, with Ethereum (ETH) rising by 3.7 per cent to sell at N1,685,999.70.
Litecoin (LTC) grew by 3.3 per cent to trade at N92,982.47, Ripple (XRP) appreciated by 2.3 per cent to trade at N628.99, Tron (TRX) gained 2.2 per cent to sell for N45.06, Bitcoin improved by 1.9 per cent to N25,375,275.87, Dash (DASH) went up by 0.3 per cent to N130,000, while the US Dollar Tether (USDT) made a loss of 0.5 per cent to sold for N522.51.
