Naira Weakens to N416.50/$ at I&E Market

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By Adedapo Adesanya

The Naira weakened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday, March 9 by 0.12 per cent or 50 kobo to trade at N416.50/$1 compared with N416.00/$1 it was traded on Tuesday.

However, at the Peer-to-Peer (P2P) segment of the market, the value of the local currency closed flat against the United States Dollar at the midweek session at N575/$1.

At the official forex window, the domestic currency depreciated against the Pound Sterling yesterday by N1.12 to trade at N547.61/£1 compared to the previously traded rate of N546.49/£1 and against the Euro, the Nigerian currency further depreciated by N3 to close at N457.02/€1 in contrast to N454.02/€1 it was sold a day earlier.

As for the digital currency, six of the 10 tokens tracked by Business Post across several trading platforms were in bearish territory yesterday.

Binance Coin (BNB) recorded a 4.2 per cent depreciation to close at N160,748.22, Solana (SOL) retreated by 3.1 per cent to trade at N57,285.40, Bitcoin (BTC) posted a 1.7 per cent loss as it sold for N24,873,755, Ethereum (ETH) saw its value slide by 1.6 per cent to sell at N1,662,260.89, Litecoin (LTC) recorded a 1.4 per cent depreciation to trade at N65,325, while the United States Dollar Tether moved down 0.1 per cent as it traded at N587.93.

On the flip side, Cardano (ADA) made a 4.2 per cent rise to sell at N890, Dogecoin (DOGE) posted a 2.2 per cent gain to sell at N180.9, Dash (DASH) increased its value by 2.1 per cent to trade at N59,344.32, while Ripple (XRP) appreciated by 1.8 per cent to trade N589.

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