Naira Appreciates by 0.17% at P2P Market

By Adedapo Adesanya

The Naira appreciated against the Dollar at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Wednesday by 0.17 per cent or N1 as it sold at N575/$1 compared with N576/$1 it was traded on Tuesday.

Equally, at the midweek session, the Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.04 per cent or 17 kobo to trade at N416.50/$1 compared with N416.67/$1.

The trading session, however, saw a fall in turnover as $102.07 million was recorded as against the $121.54 million achieved at the preceding session, indicating a $19.47 million or 16.0 per cent decline in the daily turnover.

For yet another session, the local currency remained flat against the British Pound Sterling currency at it stayed at N558.23/£1 and against the Euro, the domestic currency closed flat at N466.37/€1.

At the cryptocurrency market, investors counted more losses as eight of the 10 digital assets were in the negative territory, leaving two in the green territory as Dash (DASH) appreciated by 2.2 per cent to trade at N57,229.10, while the US Dollar Tether (USDT) grew by 0.2 per cent to sell for N585.92.

Solana (SOL) saw a 2.7 per cent depreciation to sell at N57,816.19, Cardano (ADA) declined by 2.3 per cent to trade at N542.21, Litecoin (LTC) saw its value drop 1.8 per cent to sell at N64,759.52, Dogecoin (DOGE) made a 1.4 per cent loss to close at N77.5, Ripple (XRP) depreciated 1.0 per cent to close at N441.27, Bitcoin (BTC) recorded a 0.9 per cent loss as it traded at N24,799,000, Ethereum (ETH) fell by 2.1 per cent to trade at N1,708,773.00, while Binance Coin (BNB) retreated by 0.6 per cent to N169,463.98.