Naira Strengthens at P2P, Falls at I&E as BTC, ETH, Others Surge

January 14, 2023
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By Adedapo Adesanya

The Naira further appreciated against the United States Dollar at the Peer-to-Peer (P2P) on Friday but closed weaker at the Investors and Exporters (I&E), as well as the parallel market segments of the foreign exchange (forex) market.

Data obtained by Business Post showed that the Nigerian currency gained N3 against its American counterpart yesterday to close at N752/$1, in contrast to the N755/$1 it was quoted a day earlier.

But at the spot market, it depreciated by 73 Kobo or 0.16 per cent against the greenback to trade at N461.90/$1 compared with the previous day’s N461.17/$1, according to FMDQ Securities Exchange.

The value of FX transactions recorded at the official market went down by $16.77 million or 18.9 per cent to $72.18 million from the $88.95 million recorded in the preceding session.

Also, in the parallel market, the Naira depreciated against the US Dollar on Friday by N3 to settle at N741/$1 versus Thursday’s exchange rate of N738/$1.

However, in the interbank window of the FX market, the local currency was flat against the Pound Sterling and the Euro yesterday at N551.18/£1 and N487.75/€1 apiece.

Meanwhile, in the digital currency market, there was a large bullish movement across the benchmarked tokens tracked by Business Post yesterday.

Bitcoin (BTC) rose above $20,000 for the first time in over two months as the world’s biggest and best-known cryptocurrency garnered 10.8 per cent to settle at $20,851.41, and its closest rival, Ethereum (ETH), appreciated by 9.7 per cent to $1,547.86.

The highest gainer on Friday was Solana (SOL), as it recorded a 29.2 per cent jump to trade at $22.04, while Dogecoin (DOGE) improved by 8.4 per cent to sell at $0.0875.

Further, Cardano (ADA) grew by 7.3 per cent to $0.3123, Binance went up by 6.5 per cent to $307. 49, Ripple (XRP) increased by 5.8 per cent to trade at $0.3999, and Litecoin (LTC) climbed higher by 4.3 per cent to $88.59, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 apiece.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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