Adedapo Adesanya
By Adedapo Adesanya
The local currency further closed stronger than the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market as well as at the parallel market on Friday, November 11.
This was boosted by significant moderation in the demand for Dollars at the market windows due to the flooding of the market with the greenback as a result of false information that the Dollar bills printed below 2021 would longer be accepted from next year.
As a result, the value of the Nigerian currency further appreciated against its American counterpart by N27 yesterday to N724/$1, in contrast to Thursday’s value of N751/$1.
In the same vein, the Naira gained N45 or 6.08 per cent to trade at N695/$1 compared with Thursday’s exchange rate of N740/$1.
However, in the Investors and Exporters (I&E) market segment, the Naira maintained stability against the US Dollar at N446.10/$1 on Friday.
In the interbank segment, the Naira appreciated against the Pound Sterling by N2.98 to wrap the session at N502.73/£1 versus N505.71/£1 and against the Euro, it gained N4.35 to sell at N439.29/€1 compared with the preceding day’s N443.64/€1.
The cryptocurrency market closed in the negative territory on Friday as the FTX collapse is poised to push institutional investors away from the crypto space just as they had been warming up to it.
The situation worsened for the cryptocurrency exchange as it filed bankruptcy proceedings in the United States while Mr Sam Bankman-Fried, the company’s Chief Executive Officer (CEO), resigned.
Solana (SOL) depreciated by 11.7 per cent to sell at $15.07, Dogecoin (DOGE) lost 8.5 per cent to trade at $0.0799, Binance Coin (BNB) recorded an 8.3 per cent depreciation to quote at $273.35, Cardano (ADA) fell by 6.1 per cent to sell at $0.3406, Ripple (XRP) dropped 5.8 per cent to trade at $0.3664, Litecoin (LTC) slipped by 5.2 per cent to $58.87, Bitcoin (BTC) declined by 3.6 per cent to $16,713.14, while Ethereum (ETH) deflated by 1.6 per cent to $1,248.70.
But the US Dollar Tether (USDT) grew by 0.06 per cent to $0.0998, while Binance USD (BUSD) remained unchanged at $1.00.
