Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the United States Dollar in the parallel market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) segments of the foreign exchange market on Tuesday, April 25, after the markets resumed from the Eid al–Fitr break.
Traders returned to the market with renewed vigour, and this was transmitted to the Nigerian Naira, which became energised against the greenback yesterday by N3 in the parallel market to close at N736/$1 compared with the preceding session’s N739/$1.
In the P2P forex market window, the domestic currency gained N5 against its American counterpart to trade at N750/$1 versus the previous trading day’s value of N755/$1.
Also, at the I&E wing of the market, the local currency appreciated against the Dollar by 23 Kobo or 0.05 per cent during the session to quote at N463.44/$1, in contrast to the previous session’s N463.67/$1.
In the interbank segment, the Naira, however, lost 71 Kobo against the Pound Sterling to finish at N572.99/£1 compared with N572.18/£1, and against the Euro, it depreciated by 95 Kobo to close at N505.04/€1 versus N504.09/€1.
Meanwhile, the crypto market was bullish on Tuesday as investors in the ecosystem overlooked the consumer confidence report in the US. The Conference Board Consumer Confidence Index fell in April to 101.3, down from 104.0 in March.
Bitcoin (BTC) rose by 3.9 per cent to sell for $28,406.39, Ethereum (ETH) went up by 2.5 per cent to trade at $1,869.22, Solana (SOL) appreciated by 4.7 per cent to $21.96, Cardano (ADA) recorded a 4.2 per cent rise to trade at $0.3959, and Litecoin (LTC) went up by 4.1 per cent to quote at $91.12.
Further, Binance Coin (BNB) recorded a 2.6 per cent rise to sell at $338.75, Ripple (XRP) recorded a 2.5 per cent gain to trade at $0.4693, and Dogecoin (DOGE) saw a 2.1 per cent jump to finish $0.8024, while Binance USD (BUSD) and the US Dollar Tether (USDT) both closed flat at $1.00 each.
