Naira Gains 0.2%, Trades N416.17 Per Dollar at Spot Market

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By Adedapo Adesanya

The Naira put up a better performance against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, March 31.

According to data from the FMDQ Securities Exchange, the local currency was exchanged at N416.17/$1 yesterday compared with N417.00/$1 it was exchanged on Wednesday. This indicated that the nation’s legal tender gained 83 kobo or 0.2 per cent against the greenback.

After recording losses for two straight trading sessions, the domestic currency returned to winning ways against the British Pound Sterling at the spot market on Thursday, appreciating by N1.33 to trade at N546.46/£1 compared to the previously traded rate of N547.79/£1, while against the Euro, the Nigerian currency also appreciated by N1.99 to close at N462.21/€1 in contrast to the previously quoted rate of N464.20/€1.

However, at the Peer-2-Peer (P2P) segment of the FX market, the Naira sustained its stability against the American currency as it closed flat at N584/$1 yesterday.

Meanwhile, at the cryptocurrency market, it was a free fall as nine of the 10 digital coins monitored by Business Post depreciated.

Litecoin (LTC) dropped 5.1 per cent to trade at N74,204.53, Ripple (XRP) went down by 4.6 per cent to sell at N487.96, Dash (DASH) moved downwards by 3.7 per cent to sell for N74,769.50, Ethereum (ETH) recorded a loss of 2.8 per cent to quote at N1,939,650.01, while Dogecoin (DOGE) also depreciated by 2.8 per cent to trade at N82.89.

Further, Cardano (ADA) recorded a 2.9 per cent depreciation to sell at N686.08, Binance Coin (BNB) went down by 2.7 per cent to trade at N178,877.24, Bitcoin (BTC) saw a 2.6 per cent decline as it sold for N26,600,000.06, while the US Dollar Tether (USDT) went down by 0.1 per cent to quote at N595.86.

But Solana (SOL) reported a price appreciation of 3.9 per cent to finish the session at N74,138.45.

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