By Adedapo Adesanya
The local currency edged the US Dollar in the Peer-2-Peer (P2P) window of the foreign exchange (FX) market but tumbled in the Investors and Exporters (I&E) and the black market segments of the FX market on Tuesday, April 18.
In the P2P FX segment, the value of the Naira appreciated against the greenback by N2 to settle at N750/$1 compared with the previous trading day’s N752/$1.
However, in the parallel market, the domestic currency depreciated against the American currency yesterday by N1 to sell at N739/$1 compared with the preceding day’s rate of N738/$1.
Further, in the official market, the Nigerian currency tumbled against the Dollar during the session by N1.00 or 0.22 per cent to close at N463.25/$1, in contrast to Monday’s exchange rate of N462.25/$1, amid an increase in the value of forex transactions.
Data from FMDQ Securities Exchange indicated that the turnover for the session was $95.45 million, 202.5 per cent or $31.55 million higher than the $63.90 million reported on Monday.
In the interbank segment of the market, the Naira gained N4.06 against the Pound Sterling on Tuesday to sell at N572.66/£1 versus Monday’s N576.72/£1 and against the Euro, it appreciated by N18.99 to finish at N489.05/€1 versus N508.04/€1.
The cryptocurrency market was upbeat yesterday as Bitcoin (BTC) rose by 2.9 per cent to $30,330.72, while Ethereum (ETH) improved by 0.6 per cent to sell at $2,089.55 as ETH stakers have withdrawn $1.21 billion worth of the token from Ethereum staking contracts since the Shapella upgrade.
Litecoin (LTC) went northwards by 2.9 per cent to trade at $101.34, Ripple (XRP) recorded a 2.2 per cent appreciation to quote at $0.5222, Cardano (ADA) made a 1.6 per cent jump to finish at $0.4411, Dogecoin (DOGE) rose by 1.5 per cent to $0.0929, Binance Coin (BNB) gained 0.4 per cent to sell at $342.03, as Solana (SOL) moved up by 0.2 per cent to $24.74, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.
