Naira Sells N418.25/$1 at I&E, N604/$1 at P2P

May 11, 2022
Naira at P2P Market

By Adedapo Adesanya

The Nigerian Naira traded mixed at the various segments of the foreign exchange (FX) market segments on Tuesday, May 10 amid global uncertainties caused by happenings in China, Russia, Ukraine and others.

At the Investors and Exporters (I&E) window of the market, the Naira appreciated by 0.18 per cent or 75 kobo against the United States Dollar to sell for N418.25/$1 compared with the preceding session’s N419.00/$1.

The appreciation in the value of the domestic currency occurred amid a significant increase in the turnover in FX transactions yesterday by $181.28 million or 340.4 per cent to $234.54 million from $53.26 million in the preceding session.

At the interbank segment, the exchange rate of the local currency against the Pound Sterling and the Euro remained unchanged on Tuesday at N514.42/£1 and N438.70/€1 respectively.

But at the Peer-to-Peer (P2P) window, the Naira suffered a broad decline against the American currency by N6 or 1.0 per cent as it crashed to N604/$1 compared with the previous day’s N598/$1.

Meanwhile, the cryptocurrency market recorded an appreciation yesterday, according to data harvested by Business Post from Coinmarketcap.

Binance Coin (BNB) recorded a 3.3 per cent gain to trade at $320.11, Ethereum (ETH) grew by 1.8 per cent to sell at $2,335.79, Ripple (XRP) recorded a 1.4 per cent growth to trade at $0.5141, Litecoin (LTC) rose by 1.2 per cent to quote at $79.69, Dogecoin (DOGE) rose by 0.4 per cent to $0.1102, while Bitcoin (BTC) went up by 0.2 per cent to finish at $31,082.57.

The losers on Tuesday were TerraUSD (UST), which lost 5.6 per cent to sell at $0.8928, Cardano (ADA) slumped by 1.1 per cent to trade at $0.6423, Solana (SOL) depreciated by 0.7 per cent to $66.00, while the US Dollar Tether (USDT) went down by 0.01 per cent to sell for $0.9999.

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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