Adedapo Adesanya
By Adedapo Adesanya
The Naira recorded a further N1.08 or 0.25 per cent gain against the Dollar in the Investors and Exporters (I&E) segment of the foreign exchange market on Thursday, August 4, trading at N428.12/$1 compared with the previous day’s N429.20/$1.
This occurred as the amount of FX transacted at the spot market fell at the session by 10.9 per cent or $13.56 million to $110.22 million from $123.78 million.
However, in the Peer-to-Peer (P2P) window, the value of the Nigerian currency depreciated against the US Dollar by N11 to N671/$1 from Wednesday’s rate of N660/$1.
In the interbank segment of the market, the Naira appreciated against the Pound Sterling by N4.57 to N505.11/£1 from the rate of N509.68/£1 it was sold in the previous session.
In the same trend, against the Euro, the Nigerian currency gained N1.07 to sell for N425.55/€1 versus N426.62/€1 of the preceding session.
In the black market, the local currency appreciated by N2 to trade at N638/$1 compared with the midweek rate of N640/$1.
At the cryptocurrency market, the bulls were in control as eight of the 10 tracked tokens tracked by Business Post were pointing south led by Litecoin (LTC, which gained 6.1 per cent to trade at $61.83.
Binance Coin (BNB) recorded a 4.7 per cent appreciation to trade at $314.61, Solana (SOL) appreciated by 4.3 per cent to $40.37, Dogecoin (DOGE) rose 3.5 per cent to trade at $0.0689, Ethereum (ETH) saw its value go up by 2.8 per cent to sell at $1,666.65, Cardano (ADA) recorded a 2.1 per cent growth to sell at $0.5121, Ripple (XRP) recorded a 1.7 per cent jump to trade at $0.3767, and Bitcoin (BTC) added 1.6 per cent to sell at $23,257.23.
But TerraClassicUSD (USTC) retreated by 0.2 per cent to $0.0339, while the US Dollar Tether (USDT) retained parity in its value as it sold for $1.00.
