Adedapo Adesanya
By Adedapo Adesanya
After a two-day hiatus, the Naira returned stronger as it appreciated by 0.24 per cent or N1 against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Wednesday, May 4.
According to data from the FMDQ Securities Exchange, FX users exchanged their local currency for the greenback at N418.00/$1 compared with N419.00/$1 it closed last Friday.
Business Post reports that the forex turnover during the trading session stood at $162.70 million. The local currency closed stronger as traders were able to meet the demand of their customers, who had been short of FX as a result of the holidays observed to celebrate Workers’ Day and Eid-el-Mubarak.
However, the domestic currency depreciated against the Pound Sterling by N2.90 at the spot market to trade at N519.98/£1 compared to the previously traded rate of N517.08/£1 and against the Euro, it depreciated by N1.57 to close at N436.29/€1 in contrast to the previously quoted value of N437.86/€1.
At the Peer-to-Peer (P2P) window, the value of the Naira to the Dollar remained unchanged at the midweek session at N586/$1.
Meanwhile, transactions at the cryptocurrency market were bullish as nine of the 10 coins monitored appreciated in value with Cardano (ADA) improving by 12.9 per cent to sell at N532.67.
Solana (SOL) rose by 9.5 per cent to trade at N53,788.64, Dash (DASH) moved up by 9.2 per cent to N56,997.23, Litecoin (LTC) appreciated by 6.2 per cent to trade at N64,216.55, Ripple (XRP) also went up by 6.2 per cent to quote at N392.16, while Ethereum (ETH) gained 5.3 per cent to sell at N1,693,425.
Further, Dogecoin (DOGE) recorded a 5.4 per cent jump to finish at N82.71, Bitcoin (BTC) went up by 5.3 per cent to sell at N24,059,574, Binance Coin (BNB) recorded a 5.2 per cent gain to trade at N243,878.00, while the US Dollar Tether (USDT) depreciated by 0.1 per cent to quote at N597.94.
