By Adedapo Adesanya
The Naira depreciated against the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange market on Wednesday by N1 to close at N774/$1 compared with Tuesday’s rate of N773/$1, Business Post reports.
However, in the Investors and Exporters (I&E) window of the market, the Naira maintained stability against its US counterpart as it closed flat at N441.67/$1 amid a slight increase in the value of trades at the spot market.
FMDQ Securities Exchange disclosed that at the midweek session, transactions valued at $81.04 million were executed by FX traders compared with the $79.41 million exchanged a day earlier, indicating a $1.63 million or 2.1 per cent day-on-day rise.
Also, in the parallel market, the exchange rate of the domestic currency against the American Dollar remained unchanged on Wednesday at N765/$1, according to data obtained by this newspaper.
In the interbank window, the Naira witnessed a heavy hit against the Pound Sterling as it lost N11.49 to close at N506.64/£1, in contrast to the preceding session’s rate of N463.96/£1.
The British currency rallied to a six-week high on improved risk sentiment as Me Rishi Sunak became the United Kingdom’s prime minister.
Equally, the Nigerian Naira depreciated against the Euro yesterday by N7.40 to trade at N439.08/€1 compared with the preceding day’s rate of N431.68/€1.
As for the digital currency market, Dogecoin (DOGE) saw a massive jump of 16.7 per cent to trade at $0.0776 as Elon Musk, one of its key advocates, is set to take over Twitter as soon as Friday with the possibility of the integration of the coin into the app’s payment feature in the near future.
Ethereum (ETH) saw its value go up by 4.7 per cent to $1,557.29, Ripple (XRP) recorded a 3.6 per cent jump to trade at $0.4764, Bitcoin (BTC) added 2.7 per cent to close at $20,808.31, Cardano (ADA) recorded a 1.7 per cent rise to settle at $0.4075, Binance Coin (BNB) grew by 1.4 per cent to sell for $290.60, and Solana (SOL) recorded a 1.3 per cent gain to quote at $31.65.
But Litecoin (LTC) went down by 0.1 per cent to $56.31 as Binance USD and the US Dollar Tether (USDT) closed flat at $1.00, respectively.
Modupe Gbadeyanka