Adedapo Adesanya
By Adedapo Adesanya
The Naira depreciated in the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market, appreciated at the Investors and Exporters (I&E) window and remained unchanged against the United States Dollar at the black market on Wednesday, August 31.
In the P2P segment, the value of the local currency waned by N2 or 0.28 per cent yesterday to settle at N712/$1 compared with the previous day’s value of N710/$1 and in the spot market, it gained 89 Kobo or 0.21 per cent to sell for N429.44/$1 in contrast to Tuesday’s rate of N430.33/$1 as traders transacted FX worth $109.47 million, according to data from the FMDQ Securities Exchange.
In the interbank segment of the market, the Nigerian Naira closed stronger than the Pound Sterling on Wednesday by N1.25 to N494.14/£1 from the preceding session’s N495.39/£1 and against the Euro, it lost N2.08 to close at N425.33/€1 versus N423.25/€1.
In the parallel market, the exchange rate of the domestic currency with its American counterpart remained unchanged in the midweek session at N701/$1.
As for the digital currency market, eight of the 10 benchmarked cryptos tracked were on the losing side as pressure returned to the market space.
Binance Coin (BNB) shed the highest as slid by 3.9 per cent to sell for $277.72, Solana (SOL) recorded a 3.6 per cent slide to quote at $31.28, while Ethereum (ETH) saw its value go down by 3.4 per cent to trade at $1,550.94.
Furthermore, Dogecoin (DOGE) depreciated by 3.3 per cent to settle at $0.061, Cardano (ADA) declined by 2.9 per cent to trade at $0.4468, Ripple (XRP) recorded a 2.2 per cent slump to sell at $0.3252, Bitcoin (BTC) depreciated by 1.6 per cent as it sold for $20,056.28, while the value of Litecoin (LTC) went down by 0.1 per cent to trade at $54.59.
However, the value of Binance USD closed flat at $1.00 as the US Dollar Tether (USDT) sustained stability at $1.00.
