By Adedapo Adesanya
The Naira appreciated further against the US dollar on the Investors and Exporters (I&E) window of the forex market by 1.58% or N6.67 on Wednesday, January 5.
According to data obtained from the FMDQ Securities Exchange, the Naira was sold in the spot market yesterday at N 416.00 / $ 1, compared to N 422.67 / $ 1, it was traded on Tuesday.
Before the close of business last year, the local currency had depreciated significantly to 435.00 N / $ 1 following the devaluation by the Central Bank of Nigeria (CBN), prompting reactions from Nigerians.
It was observed that in the second trading session of the week and year, currency turnover in the I&E segment of the market grew 5.4% or $ 5.88 million. .
In fact, the value of over-the-counter transactions stood at $ 114.95 million against $ 109.07 million published during the previous session.
But on the interbank segment of the foreign exchange market, the national currency recorded a downward movement against the US dollar by 12 kobo as it traded at 413.79 N / $ 1 against 413.67 N / $ 1 at the time. from the last session.
In addition, the Nigerian currency depreciated against the pound sterling by 2.45 N to close at 560.44 N / £ 1 unlike the previous rate of N / £ 557.99 and against the euro, the Naira depreciated 1.5N to sell for N468.33 / € 1 against N466.33 / € 1 from the previous session.
Meanwhile, the cryptocurrency market was down on Wednesday as the U.S. Federal Reserve signaled the possibility of raising interest rates earlier than expected.
This affected the crypto market and caused Litecoin (LTC) to drop 10% to trade at N77,000.80, while Dogecoin (DOGE) fell 4.8% to N96.63, Binance Coin (BNB) recording a rate of 4.6%. cent depreciation at trade at N208,210,47.
Tron (TRX) fell 4.3% to trade at N42.00, Dash (DASH) dipped 4.1% to sell N73,841.62, Cardano (ADA) also lost 4.1% to quote N736.44, Bitcoin (BTC) fell 3.9% to N25,090,580.02, Ripple (XRP) depreciated 1.6% to trade at N461.03, while Ethereum ( ETH) dropped 0.1% to N2096,100.18.
However, the US Dollar Tether (USDT) posted a gain of 0.9% to sell for N461.03.