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Naira Depreciates at I&E as Cryptos Bleed



By Adedapo Adesanya

Despite a drop in demand, the Naira depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, July 13.

Business Post gathered from FMDQ Securities Exchange that the local currency depreciated by 25 kobo or 0.06 per cent to sell for N411.75/$1 yesterday in contrast to N411.50/$1 it traded on Monday.

During the session, the market segment recorded a turnover of $116.15 million, 34.1 per cent or $59.98 million lower than the $176.13 million achieved at the preceding session.

A look at the unregulated window of the forex market on Tuesday showed that the domestic currency maintained its stability against the American currency as it remained at N505/$1.

Also, the Nigerian currency traded flat against the British Pound Sterling and the Euro at the black market yesterday at it remained static at N708/£1 and N595/€1 respectively.

It was equally the same outcome for the Naira at the interbank segment of the market as it closed flat against the greenback at N410.11/$1.

Cryptos’ Freefall Continues as Market Fails to Recover 

Investors at the cryptocurrency market continued to count their losses on Tuesday as the seven digital coins tracked by Business Post on Quidax, a platform for trading and tracking real-time transactions, went southwards.

The digital assets are being thumped as China’s latest of many efforts over the years to crack down on the industry have had a greater impact than ever before.

The most popular of the digital currencies, Bitcoin (BTC), recorded a 4.3 per cent depreciation to sell at N16,000,000.01.

Ethereum (ETH) made a 5.0 per cent slide to trade at N1,000,000.00, Ripple (XRP) lost 0.8 per cent to quote at N309.00, while Dash (DASH) slid by 5.3 per cent to sell for N62,000.00.

Also, Litecoin (LTC) marked a 4.5 per cent depreciation to sell at 65,908.00, Tron (TRX) recorded a 3.5 per cent drop to trade at N31.06, while the US Dollar Tether (USDT) moved lower by 0.8 per cent to sell for N515.00.

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