Naira Loses N1.33 at Official FX Market to N418.33/$1

By Adedapo Adesanya

The Naira recorded a positive performance against the United States Dollar at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Wednesday, appreciating by N1 or 0.2 per cent to sell at N586/$1 compared with N587/$1 it closed on Tuesday.

However, the domestic currency could not replicate this performance against its American counterpart at the Investors and Exporters (I&E) window of the forex market as it was weakened by 0.32 per cent or N1.33 to trade at N418.33/$1 compared with N417.00/$1 to traded a day earlier, according to data obtained from FMDQ Securities Exchange.

Also, the Nigerian currency depreciated against the Pound Sterling at the midweek session by N1.49 at the official FX market to trade at N543.28/£1 compared with the previously traded rate of N541.79/£1 and against the Euro, it lost N1.25 to close at 450.57/€1 in comparison to the preceding day’s N449.32/€1.

Meanwhile, at the digital currency market, transactions closed mixed with six of the tokens tracked by Business Post across several trading platforms closed positive, with Bitcoin (BTC) gaining 0.9 per cent to N25,416,450.00.

Cardano (ADA) recorded a 0.8 per cent gain to sell at N572.42, Dash (DASH) appreciated by 0.4 per cent to sell at N64,091.29, Ethereum (ETH) improved by 0.3 per cent to quote at N1,843,165, the United States Dollar Tether (USDT) saw a 0.2 per cent increase to trade at N599.99, while Binance Coin (BNB) added a 0.1 per cent to its value to trade at N254,383.56.

Conversely, Dogecoin (DOGE) retreated by 2.0 per cent to trade at N84.97, Litecoin (LTC) went down by 1.8 per cent to settle at N67,768.54, Solana (SOL) recorded a 1.2 per cent depreciation to quote at N64,685.25, while Ripple (XRP) depreciated by 0.1 per cent to N454.53.