Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated against the United States Dollar at the black market on Thursday by N1 to trade at N713/$1 in contrast to the previous day’s N712/$1.
However, in the Peer-to-Peer (P2P) window of the foreign exchange (forex) market, the local currency maintained stability against the American currency at N725/$1, data obtained by Business Post showed.
Also, the story was not different in the Investors and Exporters (I&E) segment of the market, where the exchange rate of the nation’s legal tender paired with the greenback remained unchanged at N436.50/$1, according to data from FMDQ Securities Exchange.
The platform further revealed that the domestic currency withstood the FX demand pressure yesterday due to the availability of forex in the system. The value of transactions stood at $101.74 million, $32.23 million or 24.1 per cent lower than the $133.97 million achieved a day earlier.
In the interbank segment, the Nigerian Naira appreciated against the Euro on Thursday by N1.09 to settle at N425.66/€1 versus N488.59/€1 and against the Pound Sterling, it gained N60 Kobo to trade at N487.99/£1 compared with Wednesday’s N488.59/£1.
Meanwhile, amid the hike in interest rates across the key economies of the world, investors found solace in cryptocurrencies, helping the market heave a sigh of relief.
Ripple (XRP) gained 30.7 per cent to trade at $0.5523, Dogecoin (DOGE) made a 7.8 per cent rise to quote at $0.0621, Ethereum (ETH) went up by 7.1 per cent to $1,348.67, Cardano (ADA) recorded a 6.9 per cent increase to finish at $0.4736, Solana (SOL) appreciated by 5.9 per cent to settle at $31.72, Binance Coin (BNB) recorded a 5.4 per cent growth to trade at $277.16, Litecoin (LTC) recorded a 5.1 per cent gain to close at $54.56, and Bitcoin (BTC) jumped by 3.9 per cent to sell at $19,409.81.
However, the value of Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at the close of business yesterday at $1.00 each.
