Adedapo Adesanya
By Adedapo Adesanya
The Nigerian Naira weakened against the US Dollar at the various segments of the foreign exchange (FX) market on Wednesday amid renewed pressure triggered by a slight disruption in the supply of forex to the market.
The value of the Nigerian currency depreciated against the Dollar at the Peer-to-Peer (P2P), the parallel market, and the Investors and Exporters (I&E) segments of the FX market.
In the P2P window, the local currency lost N19 against the greenback to settle at N775/$1 in the midweek session compared with the previous day’s rate of N756/$1.
In the parallel market, the domestic currency depreciated against the US Dollar yesterday by N1 to sell for N743/$1, in contrast to Tuesday’s value of N742/$1.
Further, in the spot market, the Naira depreciated against the American currency by N4.2 or 0.94 per cent to trade at N450.58/$1 compared with the preceding session’s N446.38.
It was observed that the Nigerian currency succumbed to FX demand pressure yesterday as the turnover for the day jumped by 96.7 per cent or $69.77 million to $141.92 million from Tuesday’s turnover of $72.15 million.
However, In the interbank segment of the market, the Naira closed flat against the Pound Sterling and the Euro at N548.17/£1 and N469.91/€1, respectively.
In the cryptocurrency market, the bears were dominant, with Dogecoin (DOGE) shedding 3.9 per cent to finish at $0.0877, and Litecoin (LTC) going down by 3.8 per cent to trade at $75.06.
Further, Binance Coin (BNB) slid by 3.7 per cent to sell for $264.95, Cardano (ADA) fell by 2.6 per cent to trade at $0.3038, Ripple (XRP) recorded a 2.4 per cent slump to quote at $0.3815, Ethereum (ETH) depreciated by 2.0 per cent to sell at $1,292.84, and Bitcoin (BTC) lost 0.3 per cent to close at $17,721.54.
But Solana (SOL) gained 2.7 per cent to finish at $14.28, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
