Naira Gains 0.32% to Trade N620/$1 at P2P FX Market
By Adedapo Adesanya
The local currency recorded a N2 or 0.32 per cent appreciation against the American Dollar on Thursday, June 23 at the Peer-to-Peer (P2P) segment of the foreign exchange, trading at N622/$1 at the close of business compared with the previous day’s value of N620/$1.
The Naira also strengthened against the US Dollar at the Investors and Exporters (I&E) segment of the market yesterday by 33 kobo or 0.05 per cent.
At the spot market, the exchange rate of the Naira to the greenback was N420.17/$1 in contrast to the N420.50/$1 it was traded in the previous session.
According to data from the FMDQ Securities Exchange, transactions worth $201.81 million were carried out at the investors’ window during the season compared with the $71.99 million turnover reported on Wednesday, representing a surge in forex trades by 180.3 per cent or $129.82 million.
The Naira continued its stellar performance against the British Pound Sterling and the Euro at the interbank session of the FX market.
The local currency gained 79 kobo on the Pound Sterling at the midweek trading day to sell for N508.06/£1 compared with the previous day’s N508.85/£1 and against the Euro, it gained 52 Kobo to settle at N436.56/€1 versus Wednesday’s rate of N437.08/€1.
Recovery was recorded in the cryptocurrency market with all the 10 benchmarked coins by Business Post closing in the green territory.
TerraClassicUSD (USTC) recorded a 17.8 per cent rise to trade at $0.0097, Ripple (XRP) appreciated by 13.4 per cent to $0.3706, Solana (SOL) jumped 6.8 per cent to $38.55, Binance Coin (BNB) pointed up by 5.1 per cent to sell at $232.36, and Cardano (ADA) grew by 6.0 per cent to trade at $0.4923.
Further, Bitcoin (BTC) rose by 3.6 per cent to trade at $21,123.53, Dogecoin (DOGE) saw its value jump 2.5 per cent to $0.0653, Litecoin (LTC) went up by 1.7 per cent to sell at $56.03, Ethereum (ETH) appreciated by 0.5 per cent to sell at $1,153.00 and the US Dollar Tether (USDT) rose 0.02 per cent to quote at $0.9993.