By Adedapo Adesanya
The value of the Naira to the US Dollar depreciated heavily by N11 or 1.5 per cent at the Peer-to-Peer (P2P) market segment of the foreign exchange (forex) market on Monday, September 11.
At the market window, the exchange rate of the Nigerian currency to the greenback closed at N735/$1 compared to the N724/$1 it closed at the previous session on Friday.
Equally, the local currency found itself in the dungeon in the Investors and Exporters (I&E) window of the FX market yesterday as it lost 17 Kobo or 0.04 per cent against the US currency to close at N436.50/$1 in contrast to the preceding session’s N436.33/$1.
During the session, the value of FX trades recorded at the I&E improved by 51.1 per cent or $33.76 million to $99.78 million from the $66.02 million recorded last Friday.
Also, in the black market, the value of the local currency to the greenback by N2 or 0.28 per cent to trade at N707/$1 in contrast to N705/$1.
In the interbank segment of the market, the Naira witnessed a downward movement against the Euro by N5.13 yesterday to close at N435.11/€1 versus last Friday’s rate of N429.98/€1 and against the Pound Sterling, it fell by N6.36 to finish at N501.36/£1 versus the previous session’s N495.01/£1.
As for the digital currency market, Bitcoin surpassed the $22,000 mark again after it gained 4.0 per cent to trade at $22,421.06, while Solana (SOL) jumped by 7.5 per cent to sell at $37.68.
Ripple (XRP) recorded a 0.7 per cent gain to trade at $0.3584, Dogecoin (DOGE) added 0.6 per cent to its value to quote at $0.0641, while Cardano (ADA) improved by 0.3 per cent to sell at $0.5096.
However, Ethereum (ETH) lost 1.6 per cent to settle at $1,726.16, Litecoin (LTC) depreciated by 1.2 per cent to trade at $61.46, while Binance Coin (BNB) retreated by 0.06 per cent to trade at $293.91.
On Monday, the value of the US Dollar Tether (USDT) and the Binance USD (BUSD) remained unchanged at $1.00.
