Adedapo Adesanya
By Adedapo Adesanya
The Nigerian Naira opened the week on a negative note against the United States Dollar at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) or Investors and Exporters (I&E) window of the foreign exchange (FX) market on Monday.
Data showed that the Naira lost 10 kobo or 0.02 per cent against the greenback at the market segment to settle at N414.40/$1 in contrast to N414.30/$1 it traded last Friday.
This occurred even as the demand for forex eased the pressure on the local currency at the I&E window as transactions valued at $184.31 million were executed by FX traders compared with the $359.48 million carried out at the preceding trading day.
This indicated that the turnover for Monday went down by 48.7 per cent or $175.17 million.
Business Post reports that proceedings at the interbank segment of the market were not different from what was witnessed at the I&E segment as the domestic currency suffered a loss against the American currency yesterday.
The Naira depreciated against the Dollar at the window by 6 kobo or 0.02 per cent to finish at N410.87/$1 in contrast to N410.81/$1 it traded last Friday at the same segment.
Meanwhile, October continues to prove a good month for the cryptocurrency market despite witnessing profit-taking that plunged the prices of six of the 10 tokens tracked by this newspaper across several trading platforms on Monday.
Dogecoin (DOGE) fell by 5.9 per cent to trade N134.72, Cardano (ADA) witnessed a 4.3 per cent drop to trade at N1,277.56, while Tron (TRX) made a 2.6 per cent depreciation to sell at N54.95.
In addition, Ripple (XRP) went southwards by 2.5 per cent to trade at N645.75, Binance Coin (BNB) lost 2.3 per cent to trade at N168,968.64, while Dash (DASH) recorded a 1.4 per cent loss to sell at N107,439.00.
On the gainers’ angle, Litecoin (LTC) appreciated by 4.4 per cent to trade at N107,439.00, Bitcoin (BTC) grew by 1.6 per cent to settle at N32,399,974.22, Ethereum (ETH) went up by 0.9 per cent quote at N2,020,430.70, while the United States Dollar Tether moved up by 0.4 per cent to trade at N572.24.
