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Monday, June 27, 2022
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Naira Succumbs to FX Demand Pressure, Loses 37 Kobo

The Naira recorded a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, selling at N415.10/$1 compared with N414.73/$1 it was traded at the preceding session.

Business Post reports that the local currency depreciated during the session as against the greenback because of an increase in forex demand at the market window.

During the trading session, the value of FX transactions at the I&E segment stood at $168.62 million as against the $107.92 million achieved on Thursday, showing that the turnover declined by 56.2 per cent or $60.7 million at the close of business.

A similar scenario played out at the interbank segment of the market as the local currency depreciated against the American currency yesterday by 5 kobo or 0.1 per cent as it closed at N411.95/$1 in contrast to the preceding day’s value of N411.9/$1.

But against the Pound Sterling, the domestic currency appreciated by 60 kobo to close at N552.75/£1 versus N553.35/£1 of the previous day, while against the Euro, it lost N2.64 to sell at N448.79/€1 in contrast to N446.15/€1 it finished on Thursday.

Meanwhile, the mood at the cryptocurrency market on Friday was bearish with seven of the 10 digital currencies tracked by this newspaper pointing southwards at the close of transactions.

Ripple (XRP) depreciated by 5.8 per cent to trade at N531.30, Cardano (ADA) went south by 4.5 per cent to trade at N803.58, Litecoin (LTC) moved down by 3.8 per cent to trade at N91,928.43, Binance Coin (BNB) lost 0.7 per cent to trade at N223,671.07, Bitcoin (BTC) declined by 0.4 per cent to trade at N28, 939,979.21, the US Dollar Tether (USDT) made a 0.3 per cent depreciation to sell for N569.94, while Ethereum (ETH) made a 0.1 per cent loss to sell at N2,336,957.45.

On the reverse side, Dash (DASH) gained 3.4 per cent to trade at N87,900.17, Dogecoin (DOGE) appreciated by 1.8 per cent to sell at N107,000, while Tron (TRX) went up by 0.3 per cent to sell at N45.97.

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