Adedapo Adesanya
By Adedapo Adesanya
The Naira recorded a 30 kobo or 0.06 per cent loss against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday to trade at N415.10/$1 compared with N414.80/$1 it traded on Monday.
At the investors’ segment of the market, the turnover, according to data from the FMDQ Securities Exchange, stood at $323.56 million compared with $360.18 million achieved on Monday, indicating a decline in the value of transactions by 10.2 per cent or $36.64 million.
This high turnover, though lower than the preceding session, put the local currency under pressure yesterday, resulting in the decline in the value of Naira against Dollar.
It was a different scenario at the interbank category of the forex market on Tuesday as the Nigerian currency traded flat against the American currency at N411.91/$1.
Also, the Naira remained unchanged against the British Pound Sterling and the Euro at the same market segment at N544.05/£1 and N464.26/€1 respectively.
Meanwhile, at the digital currency market, it was majorly bullish as all the 10 cryptos monitored by Business Post across several trading platforms recorded gains.
This occurred as they attempted a fresh ascent following the recent correction that happened as the market was hit by panic from the Omicron variant.
Dash (DASH) recorded the highest gain among the tokens as it rose by 4.8 per cent to N75,615.59, Ripple (XRP) added 4.6 per cent to its value to trade at N522.14, Bitcoin (BTC) posted a 2.8 per cent appreciation as it sold for N27,570,524.61, while Ethereum (ETH) grew by 2.7 per cent to sell at N2,229,989.49.
Further, Cardano (ADA) made a 1.4 per cent rise to sell at N735.43, Litecoin (LTC) appreciated by 0.8 per cent to trade at N86,867.37, the United States Dollar Tether moved up by 0.6 per cent to trade at N573.00, while the trio of Tron (TRX), Binance Coin (BNB), and Dogecoin (DOGE) improved by 0.1 per cent each to sell at N45.99, N215,828.39, and N97.51 respectively.
