By Adedapo Adesanya
A bit of pressure was off the Naira on Thursday as it appreciated against the United States Dollar at the Peer-to-Peer (P2P) and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market.
In the P2P forex window, the value of the Nigerian currency appreciated against the greenback by N4 to sell at N725/$1 compared with the N721/$1 it was quoted on Wednesday at the same market segment.
Also, in the official market window, the Naira gained 18 Kobo or 0.04 per cent against the American Dollar yesterday to close at N436.32/$1 in contrast to the previous day’s N430.50/$1 as the value of transactions waned during the session.
Transactions worth $37.50 million were carried out at the I&E compared with the $82.33 million carried out a day earlier, indicating a decline by $44.83 million or 54.5 per cent.
In the black market, the exchange rate of the Naira to the USD remained unchanged yesterday at N702/$1.
But in the interbank segment, the domestic currency depreciated against the Pound Sterling on Thursday by N5.68 to wrap at N494.02/£1 in contrast to Wednesday’s rate of N488.34/£1. The Nigerian currency also lost N6.01 against the Euro to quote at N428.57/€1 compared with the N422.56/€1 it transacted in the midweek session.
In the digital currency market, transactions remained bullish as Solana (SOL) appreciated by 9.5 per cent to sell at $35.14, while Bitcoin (BTC) jumped by 7.9 per cent to trade at $20,604.17.
Further, Litecoin (LTC) climbed higher by 7.2 per cent to $60.38, Ethereum (ETH) improved by 6.4 per cent to sell at $1,704.79, Ripple (XRP) recorded a 6.2 per cent gain to trade at $0.3502, Cardano (ADA) increased its value by 5.4 per cent to settle at $0.4929, Binance Coin (BNB) recorded a 5.2 per cent appreciation to trade at $290.42, while Dogecoin (DOGE) made a 4.2 per cent rise to close at $0.0629.
However, the value of Binance USD (BUSD) went down by 0.06 per cent to $0.9995, while the US Dollar Tether (USDT) closed flat at $1.00.
Dipo Olowookere