Adedapo Adesanya
By Adedapo Adesanya
The value of the Naira to the Dollar depreciated in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) segments of the foreign exchange (FX) market on Wednesday.
In the I&E window, the local currency fell against the US Dollar by N2.41 or 0.57 per cent to close at N426.58/$1 compared with the preceding day’s N424.17/$1 amid a 62.5 per cent or $239.56 million reduction in the day’s FX turnover.
Forex transactions valued at $144.03 million were completed during the trading day in contrast to the $383.59 million executed in the preceding session.
At the P2P segment, it was another worse turn for the local currency as its value further depreciated against the Dollar, with the exchange rate now getting closer to N650/$1.
Yesterday, the domestic currency depreciated by N6 or 0.94 per cent to quote at N646/$1 compared with the previous day’s N640/$1 and in the black market, the Naira appreciated by N2 0r 0.32 per cent to sell at N623/$1 as against Tuesday’s rate of N625/$1.
In the interbank segment of the market, the Naira sustained its stability against the British Pound Sterling and the Euro as it closed at N492.09/£1 and N416.15/€1 apiece.
As for the digital currency market, the bears resurfaced and took control of the space, devouring nine of the 10 tokens tracked by Business Post across the various crypto trading platforms.
TerraClassicUSD (USTC) dropped 11.3 per cent to sell for $0.0379, Solana (SOL) depreciated by 3.5 per cent to quote at $40.77, Cardano (ADA) went down by 8.3 per cent to trade at $0.486, Binance Coin (BNB) recorded a 5.3 per cent fall to sell at $254.38, while Ripple (XRP) depreciated by 4.9 per cent to trade at $0.358.
Further, Ethereum (ETH) declined by 4.8 per cent to settle at $1,487.71, Litecoin (LTC) retreated by 3.9 per cent to trade at $56.03, Dogecoin (DOGE) fell by 3.5 per cent to sell at $0.0674, while Bitcoin (BTC) slid by 2.1 per cent to quote at $22,899.36.
However, the value of the US Dollar Tether (USDT) remained unmoved during the session as it remained at $1.00.
