Naira Closes Flat at P2P as Binance Coin, Others Gain
By Adedapo Adesanya
The local currency closed flat against the United States Dollar at the Peer-2-Peer (P2P) window of the foreign exchange (forex) market on Tuesday, closing at N585/$1, the same rate it was exchanged at the preceding session.
At the cryptocurrency market, transactions closed bullish, unlike the previous day when things went awry after China announced fresh restrictions on crypto activities.
At the market yesterday, nine of the 10 tokens tracked by Business Post appreciated, with Binance Coin (BNB) appreciating by 3.9 per cent to sell at N170,067.18, while Solana (SOL) rose by 1.8 per cent to trade at N61,000.90.
Cardano (ADA) improved by 1.5 per cent to quote at N570.49, Ripple (XRP) went up by 0.9 per cent to sell at N428.62, Litecoin (LTC) rose by 0.6 per cent to settle at N62,715.55, while Dash (DASH) also moved upward by 0.6 per cent to sell for N59,704.83.
In addition, Dogecoin (DOGE) recorded a 0.5 per cent jump to trade at N82.31, Ethereum (ETH) appreciated by 0.4 per cent to quote at N1,728,600.00, Bitcoin (BTC) increased its value by 0.1 per cent to finish at N24,621,485.00, while the US Dollar Tether (USDT) lost 0.1 per cent to close at N596.97.
Meanwhile, the Naira strengthened its value against the American currency at the Investors and Exporters (I&E) window of the FX market on Tuesday by 0.09 per cent or 38 kobo to sell at N416.62/$1 in contrast to N417.00/$1 amid sufficient supply of forex to meet the demands of customers.
This helped to ease the pressure on the domestic currency at the trading session, also supporting the Nigerian currency’s fortification against the British Pound Sterling at the spot market by 69 kobo, closing at N541.56/£1 compared to the previously traded rate of N542.25/£1.
In the same vein, the Naira appreciated yesterday by N1.8 against the Euro to close at N451.86/€1 in contrast to the previous day’s value of N453.66/€1.