Naira Maintains Stability at I&E, P2P, Parallel Market
By Adedapo Adesanya
The Naira was flat on the US Dollar at the Investors and Exporters (I&E), the Peer-to-Peer (P2P), and the parallel market segments of the foreign exchange (FX) market on Friday, September 8.
The local currency maintained stability against the American currency during the trading session after it emerged that the Nigerian government has received the commitments of Indian investors to put about $14 billion into the economy.
At the close of business, the Naira remained unchanged at N736.62/$1 at the spot market yesterday despite the value of forex transactions rising by 58.2 per cent or $131.1 million to $153.55 million from the $66.43 million achieved on Thursday.
Also, in the P2P market, the domestic currency traded flat against the greenback on Friday at N933/$1 and closed flat in the black market at N929/$1.
However, against the Pound Sterling, the Naira appreciated by N30.04 in the official market to finish at N956.75/£1 compared with the previous day’s N986.79/£1 and gained N39.33 against the Euro to trade at N803.15/€1 versus the earlier day’s rate of N842.48/€1.
At the cryptocurrency market, two of the most valued crypto coins; Bitcoin (BTC) and Ethereum (ETH) managed to remain above the $25,000 and $1,600 apiece, despite drops. At the time of writing, the global crypto market cap stood at $1.04 trillion, registering a 24-hour loss of 1.08 per cent.
BTC slid by 1.3 per cent to sell at $25,875.09, and ETH shed 0.6 per cent to close at $1,634.96.
Further, Solana (SOL) plunged by 1.7 per cent to trade at $19.56, Cardano (ADA) slid by 1.2 per cent to end at $0.2547, Litecoin (LTC) went down by 0.9 per cent to $62.71, Binance Coin (BNB) recorded a 0.8 per cent slump to quote at $215.03, and Dogecoin (DOGE) fell by 0.2 per cent to $0.0635.
On the flip side, Ripple (XRP) improved by 0.08 per cent to $0.5033. the US Dollar Tether (USDT) appreciated by 0.02 per cent to $0.9997, and Binance USD (BUSD) grew by 0.01 per cent to $1.00.