Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the United States Dollar at the parallel market, the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange (FX) market on Friday, February 17, influenced by improvement in forex liquidity, though the threats remain.
In the black market, the Nigerian currency gained against its American counterpart by N1 yesterday to sell at N759/$1 compared with the previous day’s value of N760/$1.
Also, in the peer-to-peer segment, the local currency appreciated by N1 to quote at N769/$1, in contrast to the N770/$1 it was exchanged on Thursday.
In the I&E window or the spot market, the Naira appreciated against the greenback on Friday by 75 Kobo or 0.16 per cent to finish at N461.25/$1 compared with the previous day’s N462.00/$1, according to data obtained from FMDQ Securities Exchange.
It was observed that the forex turnover for the trading session was $81.98 million, $12.26 million or 17.6 per cent higher than the $69.72 million reported a day earlier.
In the interbank window of the market, the domestic currency appreciated against the Pound Sterling yesterday by N5.72 to close at N550.11/£1 versus Thursday’s N555.83/£1 and also improved against the Euro by N4.01 to end the session at N489.67/€1 versus N493.68/€1.
Meanwhile, the crypto market was bullish on Friday, with Bitcoin (BTC) rising above $24,000, improving by 3.7 per cent to $24,618.96.
On its part, Ethereum (ETH) went u by 2.4 per cent to $1,698.09, while Solana (SOL) grew by 3.7 per cent to $23.44, with Binance Coin (BNB) expanding by 3.3 per cent to trade at $317.17.
In addition, Dogecoin (DOGE) saw a value appreciation of 2.5 per cent to sell at $0.0880, Cardano (ADA) went up by 2.4 per cent to settle at $0.4039, Ripple (XRP) rose by 1.8 per cent to quote at $0.3948, while Litecoin (LTC) increased its value by 1.6 per cent to sell for $101.26, with Binance USD (BUSD) and the US Dollar Tether (USDT) flat at $1.00 apiece.
