By Adedapo Adesanya
The Nigerian Naira lost 7 kobo or 0.02 per cent against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Tuesday.
Data showed that the Nigerian currency was traded at N415.07/$1 at the spot market yesterday compared with N415/$1 it was sold at the previous session.
The Naira suffered the decline despite not being under demand pressure, according to data from the FMDQ Securities Exchange.
The value of trades printed at the I&E segment on Tuesday went down by 34.0 per cent or $76.93 million as FX worth $149.01 million was transacted during the session as against the $225.94 million achieved on Monday.
But at the interbank segment of the forex market, the local currency again traded flat against its American counterpart as it maintained its previous exchange rate of N411.74/$1.
However, it was a different outcome against the British Pound Sterling as the domestic currency appreciated by 54 kobo to sell for N545.72/£1 compared to the previous rate of N546.26/£1 and against the Euro, the Naira gained N2.14 to settle at N463.54/€1 in contrast to N465.68/€1 it closed a day earlier.
A look at the cryptocurrency market showed that only three of the 10 digital coins monitored by Business Post record positive movements and they were Litecoin (LTC), which moved up by 5.8 per cent to trade at N94,688.99, Bitcoin (BTC), which rose by 1.8 per cent to sell at N28,450,055.99, and Dogecoin (DOGE), which improved by 0.3 per cent to sell at N106.03.
On Tuesday, Ripple (XRP) lost 5.1 per cent to trade at N460.03, Dash (DASH) depreciated by 2.9 per cent to quote at N79,761.23, Ethereum (ETH) fell by 2.8 per cent to sell at N2,381,000.12, Binance Coin (BNB) went down by 2.5 per cent to trade at N235,155.51, Tron (TRX) retreated by 1.9 per cent to sell at N48.11, Cardano (ADA) depreciated by 0.6 per cent to close at N810.59, while the US Dollar Tether (USDT) declined by 0.3 per cent to sell for N572.48.
