Naira Gains 0.74% on Dollar at Spot Market

By Adedapo Adesanya

The Naira returned from the Sallah break (Monday and Tuesday) on Wednesday, July 13 stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.74 per cent or N3.17.

The local currency was sold for N424.58/$1 yesterday compared with the preceding session’s N427.75/$1, according to data obtained from FMDQ Securities Exchange.

During the session, the turnover stood at $60.84 million, higher than the $48.67 million achieved in the preceding session, representing a $12.17 million or 25.0 per cent rise.

However, at the Peer-to-Peer (P2P) segment of the forex market yesterday, the Naira closed flat against the US Dollar at N623/$1 and in the black market, it depreciated by N1 to settle at N618/$1 in contrast to the previous day’s N617/$1.

In the interbank window, the value of the domestic currency against the British Pound Sterling remained unchanged at N498.83.65/£ and against the Euro, it also closed flat at N427.93/€1.

In the cryptocurrency market, nine of the 10 benchmarked tokens tracked by Business Post pointed northwards as the month continued on a strong foot after bearish runs in the last two months, with TerraClassicUSD (UST) losing 11.7 per cent to sell for $0.0379.

But Ethereum (ETH) rose the highest by 4.5 per cent to sell at $1,105.80, Solana (SOL) recorded a 3.7 per cent appreciation to sell at $34.47, Bitcoin (BTC) saw a 3.1 per cent gain to trade at $20,105.58, while Binance Coin (BNB) appreciated by 3.0 per cent to trade at $230.80.

Ripple (XRP) went higher by 2.2 per cent to settle at $0.3219, Litecoin (LTC) saw its value also go up by 2.0 per cent to trade at $49.18, Cardano (ADA) recorded a 1.6 per cent growth to sell at $0.4304, the United States Dollar Tether (USDT) grew by 0.02 per cent to trade at $0.9994, and  Dogecoin (DOGE) followed with a 0.01 per cent rise to close at $0.0606.