By Adedapo Adesanya
The local currency closed stronger against the greenback at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market on Monday, appreciating by N4 to sell for N687/$1 compared with the previous session’s N491/$1.
However, in the Investors and Exporters (I&E) window, the Naira depreciated against the United States Dollar by 38 Kobo or 0.09 per cent to trade at N430.00/$1 compared with the previous value of N430.38/$1 and an increase in the demand for forex at the market segment.
According to data obtained from FMDQ Securities Exchange, the turnover for the first trading session of the week stood at $134.30 million, $84.99 million or 190.00 per cent higher than the preceding session’s $46.31.
In the interbank segment of the market, the Naira witnessed appreciated against the Pound Sterling by N3.14 to wrap up at N509.96/£1 versus N513.10/£1 and against the Euro, the Nigerian currency closed stronger by N1.89 to sell for N431.89/€1 versus N433.78/€1.
At the black market, the domestic currency depreciated against the US Dollar yesterday by N2 to quote at N679/$1 in contrast to the previous trading day’s rate of N677/$1.
Meanwhile, at the crypto market, sentiments were weak as nine of the 10 benchmarked cryptocurrency tokens were bearish following persistent pressure on the market.
Solana (SOL) depreciated by 6.4 per cent to sell at $43.03, Litecoin (LTC) lost 5.7 per cent to trade at $60.35, Ethereum recorded a 5.3 per cent loss to settle at $1,867.23, Bitcoin (BTC) went south by 3.5 per cent to trade at $23,914.00, while Cardano (ADA) declined during the session by 3.5 per cent to sell at $0.5506.
Furthermore, Ripple (XRP) recorded a 3.1 per cent slide to trade at $0.3705, Shiba Inu (SHIB) dropped 2.4 per cent to finish at $0.00001579, Binance Coin (BNB) recorded a 2.1 per cent decline to trade at $316.15, Dogecoin (DOGE) followed with 0.7 per cent depreciation to close at $0.0788, while the US Dollar Tether remained flat at $1.00 at the close of business.
Modupe Gbadeyanka