Adedapo Adesanya
By Adedapo Adesanya
The Naira maintained its positive performance against the United States Dollar in the Peer-to-Peer (P2P), Investors and Exporters (I&E) and parallel segments of the foreign exchange (forex) market on Wednesday.
In the P2P window, the Naira gained N28 against the greenback to sell for N660/$1 compared with the previous day’s N682/$1 and in the parallel market, it black market, it appreciated by N5 to trade at N640/$1 in contrast to Tuesday’s rate of N645/$1 as calm is gradually returning to the space after two turbulent weeks.
Also, at the spot market, the domestic currency improved against the American currency by N1.47 or 0.34 per cent to quote at N429.20/$1 in contrast to the preceding day’s N430.67/$1 amid an increase in the supply of FX to the system by the Central Bank of Nigeria (CBN).
The forex turnover for the session was $123.76 million, 22.0 per cent or $34.92 million lower than the $158.68 million achieved a day earlier, according to data from the FMDQ Securities Exchange.
In the interbank segment of the market, the Naira, however, traded flat against the British Pound Sterling and the Euro at N509.68/£1 and N421.32/€1 respectively.
A look at the cryptocurrency market showed a mixed outcome, according to data obtained by Business Post from the various crypto exchanges.
Binance Coin (BNB) rose by 5.4 per cent to sell at $304.30, Solana (SOL) appreciated by 2.4 per cent to $39.27, Ripple (XRP) recorded a 1.0 per cent rise to trade at $0.3726, Litecoin (LTC) went up by 0.9 per cent to close at $58.71, while Cardano (ADA) added 0.2 per cent to sell for $0.5042, with the US Dollar Tether (USDT) unchanged at $1.00.
However, TerraClassicUSD (USTC) further moved downwards by 1.7 per cent to sell for $0.0345, Dogecoin (DOGE) declined by 0.3 per cent to trade at $0.0668, Ethereum (ETH) went down by 0.04 per cent to sell at $1,628.89, while Bitcoin (BTC) retreated by 0.03 per cent decline to quote at $22,982.86.
