Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the United States currency by 0.97 per cent or N7 on Wednesday, September 14 at the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market.
Business Post reports that the Nigerian currency was exchanged with its American counterpart yesterday at N717/$1 compared with the preceding day’s N724/$1 as the Central Bank of Nigeria (CBN) makes efforts to boost liquidity in the official market windows.
At the parallel market, the Naira also appreciated against the US Dollar on Wednesday by N1 or 0.14 per cent to trade at N709/$1 in contrast to Tuesday’s value of N710/$1.
However, in the Investors and Exporters (I&E) window, the Naira depreciated against the greenback yesterday by 17 Kobo or 0.11 per cent to sell at N430.50/$1 compared with the previous day’s value of N436.66/$1.
Data from the FMDQ Securities Exchange revealed that the value of FX transactions at the spot market at the midweek session declined by $70,000 or 0.1 per cent to $65.95 million from Tuesday’s $66.02 million.
Also, at the interbank window of the market, the domestic currency depreciated against the British Pound Sterling by N7.94 to trade at N502.95/£1 compared to the previously traded rate of N495.01/£1 and against the Euro, the Naira slipped by N6.51 to close at N436.49/€1 versus the previous session’s N429.98/€1.
Meanwhile, the bears pounced on the cryptocurrency market, tearing it apart at the close of business yesterday as the expectation of a further interest hike in the US and other major economies constricted the market following a rise in inflation.
Bitcoin (BTC) slumped by 1.6 per cent to sell at $20,048.91, Ethereum (ETH) declined by 1.0 per cent to quote at $1,601.00, Binance Coin (BNB) recorded a 2.5 per cent depreciation to trade at $274.37, Solana (SOL) fell by 2.1 per cent to settle at $33.10, Litecoin (LTC) lost 1.4 per cent to trade at $59.13, Cardano (ADA) recorded a 0.9 per cent decrease to sell at $0.469, while Dogecoin (DOGE) made a 0.6 per cent fall to trade at $0.0603.
However, Ripple (XRP) recorded a 0.3 per cent growth to trade at $0.338, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00.
