Value of Naira Drops 0.29% at Investors’ FX Window

By Adedapo Adesanya

The value of Naira depreciated against the United States Dollar on Tuesday by 0.29 per cent or N1.20 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market.

Business Post reports that forex traders exchanged the greenback with the local currency at the investors’ FX window at N418.50/$1 for their customers as against the N417.30/$1 of the previous session.

It was observed that the market witnessed a disruption in the supply of FX, which contributed to the weakening of the domestic currency during the session.

But the Nigerian currency performed better against the other foreign currencies traded at the market yesterday, especially the British pound Sterling as it gained N2.86 at the spot market to close at N527.68/£1 compared with the previously traded rate of N530.54/£1 and against the Euro, it also appreciated by N3.26 to trade at N444.04/€1 versus Monday’s value of N447.30/€1.

At the Peer-to-Peer (P2P) window of the forex market, the Naira maintained stability against the American currency on Tuesday as it closed flat at N586/$1.

Meanwhile, at the digital currency market, the bears took a firm control as all the 10 tokens monitored by this newspaper pointed south.

Dogecoin (DOGE) depreciated by 11.8 per cent to sell at N85.80. This meme token had climbed more than 10 per cent on Monday after billionaire entrepreneur, Mr Elon Musk, reached a deal to acquire social media platform Twitter for $44 billion.

Cardano (ADA) recorded a 6.6 per cent loss to trade at N506.25, Ripple (XRP) dropped 5.6 per cent to sell at N394.35, Ethereum (ETH) fell by 5.3 per cent to sell at N1,716,526, Litecoin (LTC) depreciated by 4.8 per cent to close at N59,647.58, Bitcoin (BTC) depleted by 4.8 per cent to finish at N22,905,595.00, Binance Coin (BNB) went down by 3.9 per cent to end at N233,807, Dash (DASH) weakened by 3.3 per cent to N56,421.71, Solana (SOL) recorded a 2.1 per cent decrease to sell at N58,744.31, while the US Dollar Tether (USDT) lost 0.1 per cent to quote at N597.96.