Adedapo Adesanya
By Adedapo Adesanya
The Naira recorded a positive movement against the American Dollar at the Investors and Exporters (I&E), but depreciated in the Peer-2-Peer (P2P) and the black market segments of the foreign exchange (FX) market on Monday, February 13.
Data obtained by Business Post from FMDQ Securities Exchange showed that the local currency gained 0.11 per cent or 50 Kobo against the greenback in the official market to close at N461.00/$1 compared with last Friday’s value of N461.50/$1.
This occurred as the value of FX transactions at the I&E surged by 251.7 per cent or $149.51 million to $208.91 million compared with the $59.40 million recorded in the previous session.
But in the P2P window, the value of the Nigerian currency against its American counterpart went down by N6 to settle at N764/$1, in contrast to the preceding session’s rate of N758/$1.
Equally, the domestic currency declined against the US Dollar in the parallel market yesterday by N4 to close at N753?41, in contrast to the previous trading day’s value of N749/$1.
However, the Naira ended stronger against the Pound Sterling in the interbank segment by N1.85 on Monday to quote at N558.39/£1 compared with N560.24/£1 and against the Euro, it appreciated by N2.78 to end the day at N493.34/€1 versus N496.12/€1.
At the cryptocurrency market, there was a major red swing as worried investors chewed over regulatory activity in the stablecoin sector and the next US inflation report due Tuesday, with Bitcoin (BTC) down by 0.07 per cent to $21,738.99 and Ethereum (ETH) down by 0.7 per cent to $1,500.58.
Binance Coin (BNB) lost 5.4 per cent to sell at $292.38, Litecoin (LTC) went down by 2.3 per cent to quote at $90.60, Cardano (ADA) depreciated by 1.1 per cent to trade at $0.3569, and Ripple (XRP) shrank by 1.0 per cent to $0.3667.
But Solana (SOL) jumped 0.8 per cent to $20.85, and Dogecoin (DOGE) grew by 0.3 per cent to $0.0816, while the duo of Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.
