Adedapo Adesanya
By Adedapo Adesanya
More pressure piled on the Nigerian currency in the various segments of the foreign exchange (FX) market on Tuesday as its value against the United States Dollar further dropped at the close of business.
Business Post reports that the Naira had it very rough with the greenback at the black market, the Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows of the forex market yesterday.
In the parallel market, the domestic currency depreciated against the greenback by N5 or 0.66 per cent to trade at N765/$1 compared with the preceding day’s N760/$1.
At the P2P window, the value of the Nigerian currency depreciated against the greenback by N4 or 0.52 per cent to settle at N773/$1 compared with Monday’s N769/$1.
Also, the local currency weakened against the American currency by 29 Kobo or 0.07 per cent yesterday in the spot market to trade at N441.67/$1, in contrast to the preceding session’s value of N441.38/$1, according to data obtained from FMDQ Securities Exchange.
During the session, FX transactions worth $79.41 million were carried out, $39.94 million or 101.2 per cent higher than the $39.47 million executed a day earlier.
In the interbank segment, the Naira witnessed a further drop against the Pound Sterling on Tuesday by N2.27 to wrap up at N495.15/£1 compared with the previous day’s N492.88/£1 and against the Euro, it fell by N1.22 to close at N431.68/€1, in contrast to Monday’s value of N430.46/€1.
Meanwhile, the cryptocurrency market recorded a northward movement as earnings begin to filter in, with analysts hoping that the US Federal Reserve will soon calm its aggressive plan of interest rate raises.
Bitcoin (BTC) gained 4.4 per cent to sell at $20,170.03, Ethereum (ETH) recovered 10.1 per cent to quote at $1,479.61, Cardano (ADA) recorded an 11.4 per cent increase to settle at $0.4021, and Dogecoin (DOGE) made a 9.8 per cent jump to trade at $0.0659.
Further, Solana (SOL) appreciated by 9.6 per cent to $31.13, Litecoin (LTC) climbed by 6.4 per cent to trade at $56.11, Binance Coin (BNB) recorded a 4.2 per cent appreciation to $285.37, and Ripple (XRP) rose by 2.7 per cent to trade at $0.4607.
However, the values of Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged on Tuesday at $1.00 each.
