Treasuries become unattractive to investors at 4.90%
By Adedapo Adesanya
The naira returned from the Christmas holidays stronger against the US dollar on Wednesday, gaining 10 kobo or 0.02% in the investor and exporter (I&E) segment of the foreign exchange market (forex).
Data showed the local currency traded yesterday at the N 415.00 / $ 1 window from the N / $ 415.10 it closed in the session, which took place on Friday. December 24.
This came as a result of a 29.1% or $ 49.14 million drop in the value of currency transactions recorded in the market segment during the midweek session.
Business post estimated turnover for the trading day to be $ 119.48 million compared to $ 168.62 million recorded in the previous session.
However, on the interbank segment of the market, the Nigerian naira posted a flat result against the US dollar to end at N411.95 / $ 1.
On a related note, the national currency closed flat against the British Pound and the Euro on Wednesday at the same FX market window at 552.75 / Â£ 1 and 466.82 / â‚¬ 1 respectively.
Meanwhile, in the cryptocurrency market, eight of the 10 digital coins tracked on multiple trading platforms were heading south amid a growing number of cases of the omicron variant.
In addition, environmental, social and governance investments and concerns about energy consumption have also been a catalyst in recent declines in crypto.
The biggest loser was Binance Coin (BNB), which fell 4.6% to trade at 211,229.85 N. Dogecoin (DOGE) depreciated 4.4% to trade at N97 .54 Ripple (XRP) was down 3.8 to sell at N463.15 while Dash (DASH) depreciated 3.5% to N75251.82.
Additionally, Cardano (ADA) fell 3.4% to trade at N760.27, Bitcoin (BTC) depreciated 2.5% to settle at N26 183,902.21, Litecoin (LTC) ) fell 0.7% to trade at N83,908.25, while Ethereum (ETH) fell 0.5% to sell at N2,145,000.00 N.
Conversely, Tron (TRX) appreciated 4.1% to trade at N44.67, while the US dollar Tether rose 2.6% to quote at N573.85.