By Adedapo Adesanya
The value of the Naira to the US Dollar maintained stability in the official foreign exchange (FX) window and the peer-to-peer (P2P) segment of the market on Thursday, January 19, but crashed at the black market arm at the close of transactions.
Data obtained by Business Post showed that in the Investors and Exporters (I&E) segment, the exchange rate of the Nigerian currency to its American counterpart remained unchanged at N461.25/$1.
Also, at the P2P side of the currency market, the Naira closed flat against the United States Dollar yesterday at N760/$1.
Equally, at the interbank market, the local currency remained flat against the British Pound Sterling at N554.07/£1 closed flat against the Euro at N491.72/€1.
But in the parallel market, the Naira performed badly against the greenback as it depreciated by N4 to sell at N748/$1, in contrast to the previous day’s value of N744/$1.
A few of the FX traders in the unauthorised segment of the market blamed a shortage of forex for the weakening of the domestic currency yesterday.
Meanwhile, in the cryptocurrency market, transactions were slightly positive as the majority of the 10 tokens tracked by this newspaper ended in the green territory, with Cardano (ADA) recording a 1.5 per cent increase to sell at $0.3371.
Ripple (XRP) gained 1.3 per cent to trade at $0.3877, Ethereum (ETH) recorded a 1.2 per cent growth to quote at $1,547.73, Bitcoin (BTC) appreciated by 0.8 per cent to sell at $20,986.35, Binance Coin (BNB) recorded a 0.5 per cent improvement to trade at $292.16, and Litecoin (LTC) closed 0.1 per cent higher during the session to settle at $83.61.
On the flip side, Solana (SOL) depreciated by 2.1 per cent to sell at $21.09, Dogecoin (DOGE) made a 0.3 per cent slide to trade at $0.0811, while Binance USD (BUSD) and the US Dollar Tether (USDT) maintained their previous trading day’s prices of $1.00 each.
