By Adedapo Adesanya
It was a positive outcome for the Nigerian Naira against the US Dollar in the Investors and Exporters (I&E) arm of the foreign exchange (FX) market on Tuesday, June 27.
Amid renewed faith in the forex operations after the new Nigerian government unified the exchange rates in less than one month in office, the Naira gained 0.67 per cent or N5.17 against the greenback yesterday in the official market or the spot market, selling at N763.00/$1 compared with the preceding day’s rate of N768.17/$1, according to data obtained from FMDQ Securities Exchange.
It was observed that the Naira had the strength to withstand the forex demand pressure it came under during the trading session, as the turnover ballooned by 23.9 per cent or $47.52 million to $245.65 million from the $198.13 million recorded on Monday.
In the parallel market, the local currency maintained stability against the United States currency on Tuesday, trading flat at N768/$1, according to data harvested by Business Post.
However, in the Peer-2-Peer (P2P) window, the domestic currency depreciated against the Dollar by N1 during the session to quote at N780/$1, in contrast to the previous day’s rate of N779/$1.
Equally, the local currency was down against the Pound Sterling in the spot market yesterday by N13.72 to close at N958.56/£1 compared with Monday’s value of N944.84/£1 and lost N13.28 against the Euro to sell at N822.47/€1 versus the previous session’s N809.19/€1.
The official market will be going on a two-day break as the federal government declared Wednesday and Thursday for the Eid-el-Kabir celebrations.
A look at the digital currency market indicated that the bears had a field day, as most of the tokens monitored by Business Post finished in the red zone, with Bitcoin (BTC) falling below $31,000 after traders seemingly moved to secure gains, with the crypto becoming overbought. The relative strength index (RSI) rose to its highest point since January, prompting bears to reenter the market.
Its value shrank by 0.2 per cent to $30,437.53, as Ethereum (ETH) weakened by 0.3 per cent to $1,865.99, with Solana (SOL) losing 1.2 per cent to trade at $16.28.
Further, Binance Coin (BNB) went south by 1.1 per cent to $235.17, Cardano (ADA) depleted by 0.8 per cent to $0.2793, Litecoin (LTC) slumped by 0.7 per cent to $87.21, and Dogecoin (DOGE) depreciated by 0.3 per cent to sell at $0.0649, while Ripple (XRP) improved by 0.1 per cent to $0.4824.
However, Binance USD (BUSD) and the US Dollar Tether (USDT) retained their previous trading prices of $1.00 each.
Modupe Gbadeyanka