By Adedapo Adesanya
The Naira continued its recovery against the American Dollar at the Peer-to-Peer (P2P) window of the foreign exchange market on Friday, August 5.
Data obtained by Business Post showed that the exchange rate of the Naira to the greenback in the FX market segment went in favour of the former by N2 as it traded at N669/$1 yesterday compared with the rate of N671/$1 of the preceding day.
In the Investors and Exporters (I&E) segment of the forex market, the local currency maintained stability against the US currency yesterday as its value remained unchanged at N430/$1 amid a decrease in the demand for FX yesterday as the turnover moderated by $38.30 million or 34.7 per cent to $71.92 million from the previous day’s $110.22 million.
But in the parallel market, the Nigerian depreciated against the Dollar on Friday by N7 to trade at N645/$1 compared with N638/$1 of the earlier trading day.
In the interbank segment of the market, the Naira also witnessed a loss against the British currency – the Pound Sterling as it weakened by N2.91 to wrap up at N508.02/£1 versus Thursday’s value of N505.11/£1 and against the Euro, the Nigerian currency declined by N2.67 to settle at N428.22/€1 versus N425.55/€1 of the previous day.
Meanwhile, eight of the 10 digital coins monitored at the cryptocurrency market on Friday gained points, with Ethereum recording a 4.1 per cent gain to trade at $1,719.73.
Dogecoin (DOGE) followed with a 2.3 per cent appreciation to close at $0.0697, Solana (SOL) mounted a 1.2 per cent gain to $40.34, Cardano (ADA) rose by 1.7 per cent to sell at $0.5174, Binance Coin (BNB) recorded a 0.8 per cent rise to trade at $315.58, Bitcoin (BTC) went up by 0.4 per cent to sell at $23,168.42, while Litecoin (LTC) climbed higher by 0.3 per cent to quote at $61.56.
But TerraClassicUSD (USTC) fell by 0.9 per cent to sell at $0.0334, while Ripple (XRP) recorded a 0.5 per cent slide to trade at $0.3741.
Modupe Gbadeyanka