Naira Rebounds, Strengthens Against Dollar at FX Market Segments

March 23, 2023
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By Adedapo Adesanya

On Wednesday, the value of the Naira strengthened against the US Dollar at the different segments of the foreign exchange (forex).

Data showed that the Nigerian currency closed stronger in the parallel market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) categories of the FX market.

In the black market, the Naira gained N2 against its American counterpart yesterday to quote at N741/$1, in contrast to the preceding session’s N743/$1.

Similarly, in the P2P window, the local currency appreciated against the greenback by N2 to close at N753/$1 compared with Tuesday’s closing price of N755/$1.

Further, the domestic currency gained 50 Kobo or 0.11 per cent against the US Dollar in the official market to settle at N461.50/$1 versus the previous day’s N462.00/$1.

It was observed that the Nigerian Naira came under pressure yesterday as the daily turnover surged by 588.9 per cent or $369.10 million to $431.77 million from $62.67 million.

However, in the interbank segment, the Naira suffered a N1 loss against the Pound Sterling to sell at N564.66/£1 versus Tuesday’s N563.66/£1, and against the Euro, it lost N3.40 to close at N496.99/€1 versus N493.59/€1.

The cryptocurrency market was bearish in the midweek session as the US Federal Reserve hiked interest rates by 0.25 per cent despite inflation falling last month to 6 per cent.

Bitcoin (BTC) lost 3.1 per cent as it traded $27,397.72, Ethereum (ETH) shrank by 3.6 per cent to $1,742.00, Ripple (XRP) recorded an 8.4 per cent depreciation to trade at $0.4236, Binance Coin (BNB) dropped 4.4 per cent to sell at $321.21, Solana (SOL) also fell by 4.4 per cent to quote at $21.43, Cardano (ADA) made a 3.5 per cent slump to trade at $0.3581, and Dogecoin (DOGE) made a 3.1 per cent depreciation to sell at $0.0742.

But Litecoin (LTC) went northwards by 7.4 per cent to trade at $88.01, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded at flat $1.00 each.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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