By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) wing of the foreign exchange market on Monday, October 2, as the official market, the Investors and Exporters (I&E) window closed for the Independence Day holiday.
In the P2P segment, the Nigerian Naira appreciated against the American currency by N3 to sell at N998/$1 compared with the preceding session’s value of N1,001/$1.
In the same vein, the local currency improved its value against the US Dollar on Tuesday by N1 to sell at N1001/$1 versus the previous session’s exchange rate of N1002/$1.
During the Independence Day broadcast, President Bola Tinubu reiterated that bold reforms, including the removal of fuel subsidies and exchange rate policies, were necessary to place the country on the path of prosperity and growth.
He promised that his administration has “embarked on several public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.”
In the cryptocurrency market, Bitcoin (BTC) rose above $27,000 as the largest crypto by market capitalization traded at $27,476.20 as it jumped by 1.1 per cent, while the value of its rival, Ethereum (ETH), went down by 1.3 per cent to sell at $1,655.48.
Also, Litecoin (LTC) decreased during the trading session by 1.5 per cent to trade at $65.62, Ripple (XRP) recorded a 1.0 per cent depreciation to quote at $0.513, Cardano (ADA) declined by 0.9 per cent to finish at $0.2593, Dogecoin (DOGE) shrank by 0.6 per cent to sell at $0.0618, and Binance Coin (BNB) slid by 0.2 per cent to sell for $213.89.
During the trading day, the value of Solana (SOL) improved by 0.9 per cent to end at $23.19, while the US Dollar Tether (USDT and Binance USD (BUSD) traded flat at $1.00.
Modupe Gbadeyanka