Naira Records Stalemate Against Dollar Across FX Market Segments
By Adedapo Adesanya
The Naira recorded no movement against the United States Dollar at the Investors and Exporters (I&E) as well as at the Peer-to-Peer (P2P) segments of the foreign exchange (FX) market on Wednesday, March 30.
At the P2P window, the exchange rate of the Naira to the Dollar remained unchanged at N584/$1 amid stability at the digital currency market, which usually affects it.
Yesterday, the crypto market remained largely bullish as seven of the 10 benchmarked tokens tracked by Business Post across several trading platforms closed in the green territory.
Solana (SOL) recorded an 8.6 per cent increase to sell at N71,496.47, Dash (DASH) gained 2.7 per cent to trade at N77,896.01, Binance Coin (BNB) jumped by 2.3 per cent to trade at N184,001.38, while Litecoin (LTC) appreciated by 1.3 per cent to sell at N78,390.20.
In addition, Cardano (ADA) made a 0.8 per cent appreciation to close at N712.64, Ripple (XRP) gained 0.6 per cent to trade at N513.47, while Ethereum (ETH) rose by 0.2 per cent to sell at N2,020,050.00.
However, Bitcoin (BTC) depreciated by 0.5 per cent to trade at N27,989,139.00, Dogecoin (DOGE) declined by 0.3 per cent to sell at N85.59, while the US Dollar Tether (USDT) slid by 0.2 per cent to sell for N592.35.
At the I&E market, the domestic currency retained its previous day’s rate of N417.00/$1 at the close of transactions on Wednesday amid a decline in the FX demand pressure from customers.
But at the spot market, the local currency suffered a loss of 67 kobo against the Pound Sterling as it closed at N567.79/£1 compared with the preceding trading day’s rate of N547.12/£1.
It was a similar story with the Naira against the Euro at the same market window at the midweek session as it lost N2.38 to settle at N464.20/€1 in contrast to N461.82/€1 it closed on Tuesday.