Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the American Dollar at the Peer-to-Peer (P2P), Investors and Exporters (I&E), and the unauthorised segment of the foreign exchange (forex) on Friday, October 28.
This was made worse by the new policy of the Central Bank of Nigeria (CBN) of redesigning the Naira, which is making some people source Dollars to reduce losses.
As a result, the Nigerian currency fell by N5 against the greenback to sell at N790/$1 compared with the previous day’s value of N785/$1, and at the parallel market, the domestic currency depreciated by N16 to trade at N785/$1 compared with the rate of N769/$1 it was sold on Thursday.
Also, in the Nigerian Autonomous Foreign Exchange (NAFEX) window, the local currency lost 25 Kobo or 0.06 per cent against the Dollar yesterday to close at N444.75/$1, in contrast to the previous day’s rate of N444.50/$1.
According to data from FMDQ Securities Exchange, FX valued at $61.89 million were carried out during the session, 38.7 per cent or $39.01 million lesser than the $100.90 million executed in the preceding day.
However, in the interbank segment of the market, the Naira appreciated against the British Pound Sterling by 72 Kobo to close at N506.84/£1 as against the previous day’s N507.56/£1, and on the Euro, the nation’s legal tender depreciated by 56 Kobo to close at N439.08/€1 compared with Thursday’s rate of N439.64/€1.
Meanwhile, in the cryptocurrency market, the majority of the tokens tracked by Business Post were bullish, with Dogecoin (DOGE) recording a 28.4 per cent jump to trade at $0.1029 on the news of the completion of the Twitter deal by Mr Elon Musk.
Solana (SOL) grew by 10.7 per cent to sell at $33.67, Ethereum (ETH) saw its value go up by 8.5 per cent to $1,628.48, Binance Coin (BNB) rose by 7.1 per cent to sell for $306.58, Cardano (ADA) added 7.1 per cent to its value to trade at $0.4109, Ripple (XRP) recorded a 3.9 per cent rise to $0.4786, Litecoin (LTC) also went up by 3.9 per cent to $56.14, while Bitcoin (BTC) gained 3.6 per cent to quote at $20,903.83.
But the US Dollar Tether (USDT) and Binance USD (BUSD) retained their previous values at $1.00 each.
