Naira Appreciates Against Dollar Despite FX Supply Crunch

July 9, 2022
FX Supply

By Adedapo Adesanya

The Naira appreciated at both the Peer-to-Peer (P2P) and Investors and Exporters (I&E) segments of the foreign exchange (forex) market on Friday, July 8 despite the biting FX supply crunch.

The value of the Naira to the Dollar was bolstered by N4 or 0.64 per cent at the P2P market window yesterday, trading at N621/$1 compared to the N625/$1 it was traded the previous session.

Also, the local currency gained 41 Kobo or 0.1 per cent against the US Dollar at the I&E to close at N427.75/$1 in contrast to Thursday’s exchange rate of N428.16/$1.

During the session, the turnover stood at $48.67 million compared with the $22.84 million achieved the preceding session, indicating a decline of 86.1 per cent or $174.17 million.

However, the Nigerian currency depreciated against the greenback on Friday by N5 or 0.82 per cent at the parallel market to settle at N616/$1 compared with the previous day’s N611/$1.

In the interbank segment of the market, the Naira for another session witnessed no movement as it closed flat against the Pound Sterling at N498.83/£1 and N427.93/€1 against the Euro.

Meanwhile, in the cryptocurrency market, seven of the 10 benchmarked currencies tracked were bearish, with TerraClassicUSD (USTC) further moving downwards by 4.8 per cent to sell for $0.0487.

Ripple (XRP) recorded a 1.9 per cent fall to trade at $0.3434, Ethereum (ETH) went down by 1.7 per cent to sell at $1,219.11, Litecoin (LTC) depreciated by 1.2 per cent to trade at $52.26, Dogecoin (DOGE) fell by 1.0 per cent to settle at $0.0698, Bitcoin (BTC) retreated by 0.9 per cent to sell for $21,578.75, while the US Dollar Tether (USDT) slumped by 0.01 per cent to trade at $0.9995.

On the gainers’ angle, Solana (SOL) was on top after it appreciated by 2.3 per cent to close at $38.50, Cardano (ADA) added 1.8 per cent to its value to trade at $0.4843, while Binance Coin (BNB) recorded a 1.2 per cent gain to sell at $243.49.

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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