Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the Dollar on Tuesday by 0.16 per cent or 67 kobo at the Investors and Exporters (I&E) segment of the foreign exchange market.
At the spot market yesterday, the domestic currency went for N416.00/$1 as against N416.67/$1 it was transacted at the previous trading day.
Business Post reports that the local currency regained strength during the session despite a 24 per cent or $18.39 million increase in the value of FX transactions.
Data from the FMDQ Group showed that the turnover for Tuesday was $95.17 million compared with the $76.78 million printed on Monday.
However, the Nigerian currency could not replicate its good performance against the Pound Sterling yesterday as it depreciated by N1.29 to close at N563.85/£1 in contrast to N562.56/£1 it was exchanged a day earlier.
Equally, the Naira lost N1.54 against the Euro on Tuesday to sell for N472.39/€1 compared with N470.85/€1 it was traded on Monday.
At the Peer-2-Peer (P2P) forex segment, the Naira appreciated against the United States Dollar yesterday by N2 to trade at N573/$1 in contrast to N575/$1 it was exchanged at the last session.
Meanwhile, the digital currency market witnessed a positive movement yesterday as a result of the demand for the asset class, causing prices to rise.
Binance Coin (BNB) jumped by 4.7 per cent to trade at N178,340.34, Ethereum (ETH) scaled up by 4.6 per cent to sell at N1,831,662.46, Solana (SOL) recorded a 2.1 per cent increase to sell at N61,837.05, Cardano (ADA) made a 2.0 per cent appreciation to trade at N653.52, Ripple (XRP) gained 1.7 per cent to trade at N498.03, while Litecoin (LTC) also appreciated 1.7 per cent to trade at N75,665.20.
In addition, Bitcoin (BTC) saw its value rise by 1.3 per cent to trade at N25,576,245.00, Dogecoin (DOGE) appreciated 1.3 per cent to sell at N88.21, Dash (DASH) gained 1.1 per cent to trade at N44,659.44, while the US Dollar Tether (USDT) added 0.1 per cent to sell for N581.39.
