Adedapo Adesanya
By Adedapo Adesanya
The local currency extended its strong performance against the US Dollar in the Peer-2-Peer (P2P), the parallel market, and the Investors and Exporters (I&E) windows of the foreign exchange market on Thursday, March 9.
The Naira further gained N1 against the greenback at the P2P market segment during the session to close at N754/$1 versus the previous day’s N755/$1.
In the black market, the Nigerian Naira appreciated against its American counterpart by N1 to sell for N745/$1 compared with Wednesday’s exchange rate of N746/$1.
In the same vein, in the I&E window of the FX market, data extracted from FMDQ Securities Exchange showed that the Naira appreciated by 25 Kobo or 0.05 per cent against the Dollar to quote at N461.00/$1, in contrast to the midweek’s N461.25/$1.
Like the preceding trading day, a decline in the demand for forex by 28.3 per cent or $32.75 million to $82.83 million from the previous day’s $115.58 million.
However, in the interbank segment, the domestic currency depreciated against the Pound Sterling by N2.21 yesterday to close at N548.01/£1 versus Wednesday’s trading value of N545.89/£1, and against the Euro, it lost N1.19 to quote at N487.11/€1 versus the previous day’s N485.92/€1.
Meanwhile, the cryptocurrency market was negative on Thursday after Silvergate, a bank that has been at the centre of the industry’s growth, made a decision to shut down.
Silvergate Capital announced it would wind down operations and liquidate its crypto-friendly bank.
This happened as the market continued to reel from comments from US Fed Chair Jerome Powell’s testimony after he said rates will be higher than initially anticipated.
Bitcoin (BTC) slid by 7.9 per cent to trade at $20,022.77, Ethereum (ETH) went down by 7.6 per cent to $1,421.37, Litecoin (LTC) depreciated by 10.2 per cent to $74.75, Dogecoin (DOGE) declined by 8.3 per cent to $0.0659, Solana (SOL) recorded a 7.7 per cent plunge to trade at $17.13, Binance Coin (BNB) slumped by 5.4 per cent to trade at $273.89, Ripple (XRP) weakened by 4.0 per cent to $0.372, while Cardano (ADA) deflated by 3.6 per cent to $0.3075.
Like the preceding session, Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 apiece.
