Local Currency Trades Flat at Spot Market, P2P

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By Adedapo Adesanya

The local currency opened the new week in a stalemate against the United States Dollar at two separate segments of the foreign exchange (FX) market on Monday.

At the Investors and Exporters (I&E) window of the forex market, the value of the domestic currency compared with the greenback remained unchanged at N416.63/$1 yesterday.

However, the Nigerian currency appreciated against the British Pound Sterling at the spot market on Monday by N1.13 to close at N545.41/£1 in contrast to the N546.54/£1 it traded at the previous trading session.

In the same vein, the Naira was strengthened against the Euro at the same market window yesterday by N1.83 as it was exchanged at N458.09/€1 compared with N459.92/€1 it closed last Friday.

But the Naira closed flat against the American currency at the Peer-2-Peer (P2P) segment of the market on Monday, closing at N583/$1, the same rate it ended at the preceding trading day.

A look at the digital currency market on Monday indicated that the news of the acquisition of a 9.2 per cent stake in Twitter by Elon Musk did not have much effect on the market as six of the 10 tokens tracked by Business Post across several trading platforms were in the red.

Solana (SOL) depreciated by 3.8 per cent to sell for N78,128.14, Litecoin (LTC) lost 2.3 per cent to trade at N74,111.58, Ripple (XRP) declined by 2.2 per cent to quote at N484.21, Binance Coin (BNB) recorded a 0.6 per cent drop to sell at N185,045.13, Bitcoin (BTC) went down by 0.4 per cent to settle at N27,938,985, while the US Dollar Tether (USDT) declined by 0.2 per cent to close at N592.61.

However, Cardano (ADA) appreciated by 1.2 per cent to N713.04, Dash (DASH) climbed by 0.8 per cent to sell for N77,090.68, Ethereum (ETH) recorded a 0.4 per cent appreciation to trade at N1,909,500.00, while Dogecoin(DOGE) also recorded a 0.4 per cent gain to sell at N87.41.

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