Naira Appreciates 0.66% on Dollar at Spot Market

July 26, 2022
Spot Market

By Adedapo Adesanya

The Naira had a breather on Monday, July 25 as it appreciated against the United States Dollar at the opening session of the week at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Despite biting forex crunch, the local currency gained N2.83 or 0.66 per cent against the US Dollar to close at N427.17/$1 compared with the N430.00/$1 it was traded at the spot market last Friday.

Data from the FMDQ Securities Exchange revealed that the value of trades at the official market was $89.79 million yesterday, 55.4 per cent or $32 million higher than the $57.79 million achieved in the prior session.

Meanwhile, the value of the Naira to the Dollar depreciated by N4 or 0.6 per cent at the Peer-to-Peer market segment of the forex market yesterday, closing at N671/$1 compared to N667/$1 on record in the previous session.

Also, the domestic currency suffered a loss against the Pound Sterling in the interbank window by N1.45 to trade at N497.44/£1 in contrast to the previous N495.99/£1 and against the Euro, it appreciated by 56 Kobo to settle at N423.49/€1 versus last Friday’s N423.95/€1.

In the parallel market, the woes of the Nigerian currency against its American counterpart continued on Monday as it depreciated to N665/$1 compared with last Friday’s value of N654/$1, indicating a decline of N11 or 1.68 per cent. At midday, it was sold at N660/$1 but it further depleted to the closing price.

As for the crypto market, only the US Dollar Tether (USDT) maintained stability on Monday as its value remained unchanged at $1.00 at the close of transactions.

Other major digital currencies tracked by Business Post shed weight, with TerraClassicUSD (USTC) losing 7.2 per cent to sell for $0.0336 and Ethereum (ETH) falling by 7.1 per cent to quote at $1,421.25 and Solana (SOL) depreciating by 6.4 per cent to $36.35.

Further, Litecoin (LTC) went down by 5.3 per cent to trade at $53.41, Cardano (ADA) dropped 5.1 per cent to close at $0.4683, Dogecoin (DOGE) declined by 4.9 per cent to finish at $0.0619, Binance Coin (BNB) recorded a 4.6 per cent fall to sell at $243.70, Bitcoin (BTC) lost 4.4 per cent to settle at $21,087.91, while Ripple (XRP) retreated by 4.1 per cent to trade at $0.3341.

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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