By Adedapo Adesanya
The Nigerian currency traded flat against the United States Dollar at N416.50/$1 on Tuesday, January 19 at the Investors and Exporters (I&E) window of the foreign exchange (forex) market.
The stalemate between both currencies was bolstered by a reduction in the FX demand pressure on the Naira during the trading day, according to data from the FMDQ Securities Exchange.
The value of transactions at the I&E segment went down by 24.4 per cent or $35.85 million as trades worth $111.02 million were executed compared with the $146.87 million achieved at the preceding session.
Also, the Nigerian Naira recorded a flat outcome against the American currency at the interbank window of the forex market as the exchange rate remained unchanged at N415.00/$1 at the close of business.
Likewise, the local currency closed flat against the Pound Sterling at N567.06/£1 and also remained unchanged against the Euro yesterday at N473.72/€1.
Meanwhile, the cryptocurrency market was bloodied on Tuesday as a result of the dominance of the bears, which inflicted pain on investors, causing seven of the 10 digital coins monitored by Business Post to shed weight.
Cardano (ADA) depreciated on Tuesday by 4.5 per cent to sell at N879.35, Dash (DASH) lost 3.2 per cent to trade at N75,550.40, Dogecoin (DOGE) went down by 2.1 per cent to quote at N100.38, Tron (TRX) declined by 1.8 per cent to sell at N39.60, Ethereum (ETH) suffered a 0.9 per cent decline to trade at N1,825,880.075, Litecoin (LTC) went south by 0.8 per cent to trade at N81,720.12, while Binance Coin (BNB) depreciated by 0.7 per cent to quote at N193,842.84.
However, Ripple (XRP) appreciated by 1.4 per cent to sell for N436.09, Bitcoin (BTC) gained 0.9 per cent to close at N24,343,909.97, while the United States Dollar Tether (USDT) reported a 0.8 per cent growth to sell at N577.49.
