Adedapo Adesanya
By Adedapo Adesanya
The Naira eased recent pressures against the United States Dollar at the Peer-to-Peer (P2P), Investors and Exporters (I&E) and black market segments on Friday, August 26 as the Central Bank of Nigeria (CBN) makes efforts to boost the ecosystem with a sufficient supply of foreign exchange (FX).
In the P2P forex window, the value of the Nigerian currency appreciated by N8 yesterday to close at N700/$1 compared with Thursday’s rate of N700/$1.
Also, in the parallel market, the domestic currency gained strength against its US counterpart by N1 to settle at N692/$1 in contrast to the preceding day’s N693/$1.
At the Nigerian Autonomous Foreign Exchange (NAFEX) window, the value of the local currency was boosted against the greenback yesterday by 34 Kobo or 0.08 per cent as it closed at N430.33/$1 compared with N430.67/$1.
Data from the FMDQ Securities Exchange showed that the value of forex trades at the spot market during the session was $82.38 million as against the $82.88 million reported a day earlier, indicating a decline of 0.60 per cent.
In the interbank segment, the value of the Naira, however, remained unchanged yesterday against both the Pound Sterling and the Euro at N500.22/£1 and N421.69/€1 respectively.
In the cryptocurrency market, negative sentiment returned as investors reconsider their risk appetite for the asset class, with Ethereum (ETH) going down by 11.2 per cent to quote at $1,499.94 and Bitcoin (BTC) declining by 6.2 per cent to sell at $20,243.77.
Solana (SOL) depreciated by 9.3 per cent to close at $31.91, Dogecoin (DOGE) lost 7.8 per cent to trade at $0.0638, Cardano (ADA) recorded a 7.1 per cent decrease to sell at $0.4343, Litecoin (LTC) dropped 6.6 per cent to finish at $52.77, Binance Coin (BNB) recorded a 6.3 per cent depreciation to trade at $280.95, and Ripple (XRP) recorded a 3.2 per cent drop to settle at $0.3366.
However, the value of Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged on Friday at $1.00 each.
