Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the US Dollar by 4.1 per cent N31.40 at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, September 12, closing at N742.10/$1 compared with the previous day’s N773.50/$1.
Business Post reports that the lingering forex liquidity crisis remained, as the traders are still unable to meet the demand of their customers, though the value of transactions yesterday slightly moved up.
Data obtained from the FMDQ Securities Exchange showed that FX trades for the session stood st $42.26 million, in contrast to the $37.86 million reported a day earlier, representing an increase by $4.40 million or 11.6 per cent.
Also, in the parallel market, the Nigerian currency appreciated against its American counterpart during the trading session by N2 to trade at N930/$1 compared with the preceding day’s value of N932/$1.
However, in the Peer-to-Peer (P2P) arm of the market, the Naira lost N11 against the Dollar on Tuesday to sell at N952/$1 versus Monday’s exchange rate of N941/$1.
But in the official market, the local currency improved its value against the Pound Sterling by N30.44 on Tuesday to sell at N937.11/£1 compared with the previous day’s N967.55/£1 and appreciated against the Euro by N26.04 to trade at N803.44/€1, in contrast to Monday’s closing price of N829.48/€1.
Meanwhile, the crypto market was bullish yesterday as markets weighted optimistic forecasts ahead of US economic data due later on Wednesday.
Bitcoin (BTC) rose close to $26,000 as it appreciated by 0.7 per cent to sell at $25,925.67, Ethereum (ETH) moved up by 0.4 per cent to quote at $1,585.98, Litecoin (LTC) jumped by 0.8 per cent to $59.98, Solana (SOL) increased by 0.6 per cent to $17.85, and Ripple (XRP) recorded a 0.5 per cent gain to trade at $0.4761.
Further, Binance Coin (BNB) rose by 0.5 per cent to $210.11, Binance USD (BUSD) gained 0.04 per cent to settle at $1.00, the US Dollar Tether (USDT) went up by 0.01 rise to $0.9999, while Dogecoin (DOGE) slumped by 0.7 per cent to $0.06079, and Cardano (ADA) fell by 0.3 per cent to $0.2451.
