Local Currency Gains 0.49% at P2P FX Market Segment

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By Adedapo Adesanya

The local currency recorded a N3 or 0.49 per cent appreciation against the United States Dollar at the Peer-to-Peer (P2P) window of the foreign exchange market on Tuesday, June 21.

The domestic currency was exchanged to the greenback yesterday at N615/$1 compared with the previous day’s N618/$1.

It was a similar scenario with the Naira in the Investors and Exporters (I&E) segment of the market as it also strengthened against the US Dollar by N1.06 or 0.25 per cent on Tuesday.

At the spot market, the exchange rate of the Naira to the greenback was N420.27/$1 in contrast to the N421.33/$1 it was traded on Monday amid an increase in forex turnover as data from the FMDQ Securities Exchange showed that investors exchanged a total of $108.06 million compared to the preceding session’s $46.07 million, representing a jump by 134.6 per cent or $61.99 million.

The Naira also gained against the British Pound Sterling at the interbank session yesterday by 21 kobo to sell for N509.92/£1 in contrast to the previous day’s N510.13/£1 and against the Euro, it depreciated by N2.65 to quote at N438.80/€1 compared with Monday’s value of N436.15/€1.

Meanwhile, cryptocurrencies were largely confined to the bearish territory on Tuesday with nine of the 10 benchmarked coins by Business Post shedding weight as Solana (SOL) went south by 6.8 per cent to $34.79.

Cardano (ADA) depreciated by 6.0 per cent to trade at $0.4705, Ethereum (ETH) lost 4.9 per cent to sell at $1,098.25, TerraClassicUSD (USTC) recorded a 4.8 per cent slide to trade at $0.0080, Litecoin (LTC) went down by 4.2 per cent to sell at $51.90, Binance Coin (BNB) pointed southwards by 2.9 per cent to sell at $216.81, Bitcoin (BTC) declined by 2.7 per cent to trade at $20,428.19, Ripple (XRP) depreciated by 1.1 per cent to settle at $0.3245, while the US Dollar Tether (USDT) lost 0.01 per cent to quote at $0.990.

However, Dogecoin (DOGE) appreciated during the session by 4.2 per cent to sell at $51.90.

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