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By Adedapo Adesanya

The local currency appreciated at the midweek session against the American currency by N1.05 or 0.26 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Data obtained by Business Post from FMDQ Securities Exchange indicated that the Naira closed at N408.75/$1 in contrast to N409.80/$1 it ended on Tuesday.

A closer look into the data showed that during the session, the Nigerian currency recorded bids as high as N414.00/$1 and as low as N394.00/$1 at the market window.

At the close of transactions, the demand for FX by customers slightly increased by $1.65 million or 4.9 per cent to $34.76 million from the previous session’s $33.11 million.

Business Post reports that at the other segments of the market, there was stability as the Naira retained its previously traded rate against the greenback.

At the interbank segment of the forex market, the Central Bank of Nigeria (CBN) maintained its Dollar auction rate to commercial banks at N379/$1.

At the parallel market, forex traders traded the Naira against the Dollar at N486/$1. The exchange rate of the Naira to the British Pound Sterling was also maintained at N680/£1 yesterday at the unregulated segment of the FX market.

However, it was a different outcome for the domestic currency against the Euro as it appreciated by N2 to sell for N580/€1 in contrast to the previous N582/€1.

Bears Continue Domination at Cryptocurrency Market 

On Wednesday, the bears continued to rampage at the cryptocurrency market with the most valued token, Bitcoin (BTC), further hit with a 3.6 per cent dip as it sold at N26,415,472.01.

This also reflected in other coins such as Ethereum (ETH), which saw its value go down by 7.5 per cent to trade at N786,430.41; and the Ripple (XRP), which lost 0.3 per cent to sell at N273.20 just as the Litecoin (LTC) recorded a 10.8 per cent slump to settle at N91,001.01, with the Tron (TRX) losing 6.3 per cent to quote at N29.10.

However, there were gainers yesterday at the crypto market as the Dash (DASH) appreciated by 0.5 per cent to sell at N98,500.99; while the United States Dollar Tether (USDT) gained 1.9 per cent to sell for N502.30.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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