Nigerian Currency Depreciates to N415.07/$1

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By Adedapo Adesanya

The Naira depreciated against the US Dollar on Tuesday by 52 kobo or 0.12 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

At the spot market, the exchange rate of the Naira to the greenback was N415.07/$1 in contrast to N414.55/$1 it was traded at the previous session.

The Nigerian currency suffered the loss yesterday despite a reduction in the value of transactions at the investors’ window, according to data from the FMDQ Securities Exchange.

Data obtained by Business Post showed that the turnover for the session went down by 46.4 per cent or $79.87 million as the value of trades stood at $92.38 million in contrast to the previous day’s turnover of $172.25 million.

Similarly, the local currency performed badly against the American currency at the interbank window of the forex market on Tuesday as it shed 5 kobo or 0.01 per cent to trade at N411.34/$1 compared with the N411.29/$1 it quoted a day earlier.

Also, the Naira depreciated against the British Pound Sterling on Tuesday by N2.80 to trade at N555.82/£1 versus the preceding session’s N553.02/£1 and lost N1.76 against the Euro to close the day at N476.14/€1 compared with N474.38/€1 of the previous day.

A look at the digital currency market on Tuesday showed a mixed outcome as six of the 10 tokens tracked during the session were bullish, with Tron (TRX) emerging as the highest gainer, rising by 8.1 per cent to sell for N64.41.

Litecoin (LTC) rose by 7.5 per cent to sell at N145,078.71, Dash (DASH) also appreciated by 7.5 per cent to trade at N129,999.99, Ethereum (ETH) jumped by 2.4 per cent to N2,694,994.87, the US Dollar Tether (USDT) gained 0.4 per cent to quote at N554.94, while Bitcoin (BTC) improved by 0.2 per cent to trade at N37,398,979.80.

On the flip side, Ripple (XRP) depreciated by 1.8 per cent to N692.94, Dogecoin (DOGE) retreated by 1.7 per cent to N165.81, Cardano (ADA) shed 1.5 per cent to trade at N1,342.01, while Binance Coin (BNB) pointed southwards by 0.7 per cent to sell at N258,652.27.

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