Naira Sheds 0.42% at Official Market, Gains at P2P, Black Market
By Adedapo Adesanya
The Naira further depreciated on the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market but gained in the Peer-to-Peer (P2P) and the black market segments on Tuesday, August 29.
In the official market, the local currency fell by 0.42 per cent or N3.22 against the greenback to settle at N775.34/$1, in contrast to the previous day’s N772.12/$1, as the demand for FX further rises.
Data from the FMDQ Securities Exchange showed that the turnover for the trading session increased by 77.4 per cent or $31.11 million to $71.32 million from the $40.21 million reported on Monday.
A look at the P2P arm of the FX market indicated that the domestic currency appreciated against the US Dollar yesterday by N7 to sell at N915/$1 compared with the preceding day’s value of N928/$1.
Also, in the parallel market, the Nigerian currency improved its value against the American currency on Tuesday by N10 to trade at N905/$1 versus the previous day’s N915/$1.
In the spot market, the Naira gained N1.92 against the British Pound Sterling on Tuesday to close at N975.01/£1 compared with the N973.09/£1 it was sold a day earlier and moved in the same direction against the Euro by N2.74 to quote at N838.47/€1 versus N835.73/€1.
As for the digital currency, most of the coins soared after a federal appeal court ruled that the US Securities and Exchange Commission (SEC) must review its rejection of Grayscale Investments’ attempt to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.
Analysts opined this will open the door for a spot Bitcoin ETF in the US because it would enable people to invest in BTC without having to go through the trouble of buying the crypto directly or deal with potential issues like their exchange platform collapsing.
Bitcoin (BTC) rose by 5.4 per cent to $27,445.96, Ethereum (ETH) appreciated by 4.1 per cent to $1,717.60, Solana (SOL) surged by 6.2 per cent to $21.70, Dogecoin (DOGE) recorded a 3.8 per cent appreciation to trade at $0.0657, and Litecoin (LTC) also went up by 3.8 per cent to $67.83.
Further, Binance Coin (BNB) recorded a 3.3 per cent jump to sell at $225.22, Ripple (XRP) improved by 2.6 per cent to $0.5342, Cardano (ADA) gained 0.7 per cent to trade at $0.2666, and the US Dollar Tether USDt (USDT) increased its value by 0.04 per cent to $0.9998, while Binance USD (BUSD) remained unchanged at $1.00.