Adedapo Adesanya
By Adedapo Adesanya
The Naira traded flat against the United States Dollar in the Investors and Exporters (I&E) and the Peer-to-Peer (P2P) windows of the foreign exchange (FX) market on Tuesday, February 28.
However, the country’s legal tender depreciated against its American counterpart in the parallel market during the session as forex scarcity persists.
In the P2P segment, the value of the local currency against the greenback remained unchanged yesterday at N768/$1, and in the official market, the exchange rate was flat at N462.00/$1.
According to data obtained by FMDQ Securities Exchange, the value of forex transactions went down by 11.6 per cent or $6.28 million to $48.09 million from the $54.37 million recorded a day earlier.
Also, in the interbank segment of the market, the Naira neither made a gain nor a loss against the British Pound Sterling and the Euro as it ended Tuesday’s session at N552.52/£1 and N486.97/€1, respectively.
As for the digital currency market, the majority of the tokens moved upwards as investors overlooked inflation-checking measures amid a volatile economic outlook.
Bitcoin (BTC) jumped 1.1 per cent to sell at $23,693.09, Ethereum (ETH) increased by 1.3 per cent to $1,650.26, Litecoin (LTC) appreciated by 3.3 per cent to trade at $97.18, Ripple (XRP) recorded a 0.9 per cent appreciation to close at $0.3805, Binance Coin (BNB) added 0.4 per cent to sell at $305.21, and Solana (SOL) rose by 0.3 per cent to quote at $22.52.
On the flip side, Cardano (ADA) lost 1.0 per cent to trade at $0.3617, Dogecoin (DOGE) made a 0.4 per cent decline to settle at $0.0821, while the United States Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.
