Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) as well as against the Investors and Exporters (I&E) and the black market windows of the foreign exchange window on Thursday, May 4.
It gained N5 on the greenback in the P2P wing during the session to settle at N746/$1 compared with the previous session’s exchange rate of N751/$1.
Also, in the parallel market, the Nigerian currency appreciated against its American counterpart by N2 to sell for N735/$1, in contrast to the N737/$1 it was transacted on Wednesday.
In the same vein, the local currency was strengthened against the US Dollar in the I&E segment of the market by 12 Kobo or 0.03 per cent on Thursday, closing at N462.88/$1 compared with the midweek session’s closing value of N463.00/$1.
This happened as the value of forex trades rose to $108.43 million from $52.32 million, indicating an increase of $52.11 million or 107.2 per cent.
In the interbank segment, the Naira witnessed a downward movement against the Pound Sterling as it lost N1.24 to close at N576.33/£1 versus its previous rate of N575.09/£1 while it depreciated against the Euro by N3.45 to quote at N508.77/€1 versus Wednesday’s N505.32/€1.
In the cryptocurrency market, Bitcoin traded above $29,000 as markets continued to react to the US central bank, Federal Reserve, expectedly hiked interest rates by 25 basis points in May’s meeting, as BTC added 0.3 per cent to sell at $29,186.71.
However, Ethereum (ETH) went down by 0.2 per cent to $1,895.29, Solana (SOL) slumped by 1.9 per cent to $21.85, Dogecoin (DOGE) depreciated by 0.9 per cent to sell at $0.0787, Cardano (ADA) slid by 0.6 per cent to trade at $0.3918, Ripple (XRP) recorded a 0.5 per cent drop to settle at $04621, Litecoin (LTC) went southwards by 0.4 per cent to $88.28, and Binance Coin (BNB) fell by 0.3 per cent to $325.41, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
