Naira Sells N427.25/$1 at I&E, N614/$1 at Parallel Market
By Adedapo Adesanya
The Naira appreciated against the United States Dollar by 0.52 per cent N2.25 in the Investors and Exporters (I&E) segment of the foreign exchange market on Wednesday.
Business Post reports that the local currency was sold in the official market yesterday at N427.75/$1 compared with the preceding session’s N430.00/$1, with the value of transactions at $81.64 million.
However, the value of the Naira to the Dollar depreciated by N2 or 0.32 per cent at the Peer-to-Peer (P2P) market segment as it closed at N620/$1 compared to Tuesday’s rate of N618/$1.
In the parallel market, the exchange rate of the Nigerian currency to its American counterpart further depreciated as it lost N3 or 0.49 per cent to settle at N614/$1 in contrast to the previous day’s N611/$1.
In the interbank segment of the market, the Naira was flat against the Pound Sterling at N498.83/£1 and also remained unchanged against the Euro at N427.93/€1.
Meanwhile, the cryptocurrency market was bullish on Wednesday as nine of the 10 benchmarked currencies tracked by this newspaper finished in the green territory as investors seek to hedge on the risky asset amid fears of a global recession.
Solana (SOL) went up the highest by 5.3 per cent to trade at $36.85, Ethereum (ETH) saw a 4.8 per cent rise to trade at $1,171.46, Cardano (ADA) grew by 3.3 per cent to $0.4646, while Binance Coin (BNB) improved its value by 3.1 per cent to trade at $236.93.
Further, Dogecoin (DOGE) went up by 2.9 per cent to sell at $0.0686, Bitcoin (BTC) appreciated by 2.8 per cent to quote at $20,416.89, Ripple (XRP) gained 1.8 per cent to trade at $0.328, Litecoin (LTC) jumped by 1.1 per cent to settle at $50.00, while the US Dollar Tether (USDT) recorded a 0.01 per cent growth to sell for $0.9991.
However, TerraUSD (UST), which had recovered some losses in recent trading sessions, depreciated yesterday by 8.9 per cent to close at $0.0516.