Naira Appreciates 0.12% to N416 Per Dollar at Spot Market

March 9, 2022
Naira BDC Segment

By Adedapo Adesanya

The Naira appreciated by 0.12 per cent or 50 kobo against the American Dollar on Tuesday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Data from the FMDQ Securities Exchange indicated that investors exchanged their local currency for the greenback yesterday at N416.00/$1 at the spot market as against the N416.50/$1 it was exchanged at the previous session.

At the official exchange rate window, the Naira also appreciated against the British Pound Sterling by N2.08 to trade at N546.49/£1 compared to the previously traded rate of N548.57/£1 but against the Euro, the local currency depreciated by N1.33 to settle at N454.02/€1 in contrast to N452.69/€1 it was traded on Monday.

A look at the Peer-2-Peer (P2P) FX market window showed that yesterday, the value of the Nigerian currency to the United States Dollar remained unchanged at the close of business at N575/$1.

At the digital currency market, things were better as all the 10 benchmarked tokens tracked by Business Post appreciated on the back of the projected mass adoption of cryptos.

The largest cryptocurrency by market capitalisation, Bitcoin (BTC), recorded the highest leap during the session, gaining 7.6 per cent to settle at N23,717,977, followed by the second largest, Ethereum (ETH), which saw its value go up by 6.5 per cent to sell at N1,604,851.

Litecoin (LTC) rose by 6.2 per cent to trade at N62,937.67, Solana (SOL) appreciated by 5.1 per cent to N56,280, Binance Coin (BNB) recorded a 4.5 per cent gain to sell at N165,945.97, while Dash (DASH) moved upwards by 4.4 per cent to sell for N58,584.43.

In addition, Cardano (ADA) grew by 3.5 per cent to sell at N495.67, Ripple (XRP) went up by 2.6 per cent to trade at N591.94,  Dogecoin (DOGE) saw a 2.5 per cent jump to trade N95.45, while the US Dollar Tether (USDT) appreciated by 0.1 per cent to sell for N587.41.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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