Adedapo Adesanya
By Adedapo Adesanya
The first trading session after the Independence Day break at the various windows of the foreign exchange (forex) market was stable in Nigeria as the Nigerian currency traded flat against the United States Dollar on Tuesday, except for the Peer-to-Peer (P2P) segment, where it appreciated.
In the market window, the Naira was exchanged to the Dollar at N749/$1 compared with the preceding session’s exchange rate of N752/$1, indicating that it was strengthened by N3.
However, the local currency remained unchanged against the greenback at the Investors and Exporters (I&E) segment of the currency market yesterday at N437.03/$1.
In the same vein, the domestic currency traded flat against the American currency on Tuesday at N740/$1.
In addition, the Nigerian currency closed flat against the Pound Sterling at the interbank segment of the market at N469.88/£1 and also remained unchanged against the Euro in the same market window yesterday at N420.75/€1.
Meanwhile, in the cryptocurrency market, Dogecoin jumped over 7 per cent after news broke that Mr Elon Musk, an advocate of the asset, may finally purchase Twitter on the deal’s original terms after months of drama.
Mr Musk’s attorneys sent a letter to Twitter, proposing to buy the social media company for his original offer price of $54.20 per share. Within minutes of the news breaking, DOGE shot up 7.6 to $0.0649.
Also, Ripple (XRP) recorded a 4.5 per cent jump to trade at $0.4761, Solana (SOL) recorded a 2.8 per cent rise to sell at $34.04, Bitcoin (BTC) gained 2.7 per cent to quote at $20,136.08, and Binance Coin (BNB) added 2.4 per cent to sell for $294.46.
Further, Ethereum (ETH) saw its value go up by 1.6 per cent to $1,351.80, Cardano (ADA) recorded a 1.0 per cent rise to trade at $0.4322, and Litecoin (LTC) climbed up by 0.9 per cent to sell at $54.81, while Binance USD and the US Dollar Tether (USDT) closed flat at $1.00 each at the close of business.
