By Adedapo Adesanya
The local currency, the Naira, was sold against the United States Dollar for N429.12/$1 on Monday, July 18 at the Investors and Exporters (I&E) market.
This showed that the value of the Nigerian currency appreciated against its American counterpart by 0.28 per cent or N1.21 during the session as the previous exchange rate was N430.33/$1, according to data from the FMDQ Securities Exchange.
It was observed that the domestic currency was strengthened against the Dollar at the spot market yesterday amid an increase in the value of transactions as trades worth $95.58 million were recorded compared with the $63.19 million achieved in the preceding session, indicating an increase of $32.39 million or 51.3 per cent.
However, the Naira could not perform the magic in the I&E window in the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market as its value depreciated against the greenback by N5 to trade at N629/$1 compared with last Friday’s value of N624/$1.
The Naira made up for this poor performance at the P2P window at the interbank segment as it maintained stability against the Pound Sterling and the Euro, closing at N490.09/£1 and N415.90/€1 respectively.
In the black market, those in need of the Dollar had to part with N618 as traders try to take advantage of the scarcity of the foreign currency in the system to make quick gains.
A stroll to the cryptocurrency market showed that the bears and the bulls are making efforts to take total control of the landscape, with six of the 10 digital coins monitored by Business Post closing bullish.
Ethereum (ETH) appreciated by 6.6 per cent yesterday to sell at $1,536.51, Solana (SOL) rose by 4.7 per cent to $44.00, Cardano (ADA) improved by 2.7 per cent to sell at $0.4866, Dogecoin (DOGE) jumped by 1.4 per cent to $0.0863, Binance Coin (BNB) lept by 0.9 per cent to $260.88, while the US Dollar Tether (USDT) expanded by 0.01 per cent to $0.9998
On the flip side, Litecoin (LTC) lost 2.3 per cent to trade at $57.05, TerraClassicUSD (USTC) retreated by 1.5 per cent to $0.0436, Ripple (XRP) recorded a 1.4 per cent loss to trade at $0.3595, while Bitcoin (BTC) fell by 0.01 per cent to sell at $22,079.37.
Modupe Gbadeyanka