Naira Trades Mixed as Market Weighs Tinubu Policies
By Adedapo Adesanya
The Naira closed mixed against the United States Dollar in the different segments of the foreign exchange (forex) market on Tuesday, as the market weighed plans by the new president, Mr Bola Tinubu, to unify the exchange rate as well as stop the fuel subsidy programme that laps up the country’s earnings.
In the Investors and Exporters (I&E) window of the FX market, the Naira was relatively flat against the greenback as it gained 1 Kobo to trade at N464.50/$1 compared with the previous session’s value of N464.51/$1.
This occurred amid a slight decline in the value of forex transactions recorded in the official market. The market posted $120.36 million worth of trades during the session, $24.36 million or 16.8 per cent lower than the $144.72 million achieved last Friday, which was the last time the market opened for business.
But in the Peer-2-Peer (P2P) window, the local currency lost N3 against the Dollar, closing at N768 /$1 versus the N765/$1 it was exchanged on Monday.
Also, in the black market, the domestic currency depreciated against the American currency yesterday by N2 to sell for N759/$1 compared with the previous day’s rate of N757/$1.
In the interbank segment, the Nigerian Naira fell against the Pound Sterling on Tuesday by 78 Kobo to close at N571.73/£1 versus its previous rate of N570.95/£1 and against the Euro, it shed N1 to finish at N496.41/€1 versus N495.41/€1.
In the cryptocurrency market, Bitcoin (BTC) dropped 2.1 per cent to sell at $27,148.94, Litecoin (LTC) plunged by 1.9 per cent to $89.34, Binance Coin (BNB) slumped by 1.5 per cent to sell for $307.12, Cardano (ADA) depreciated by 1.4 per cent to trade at $0.3746, and Dogecoin (DOGE) slid by 1.3 per cent to sell at $0.0715.
However, Ripple (XRP) recorded a 2.7 per cent gain to trade at $0.5151, Solana (SOL) made a 0.4 per cent rise to sell at $20.83, and Ethereum (ETH) went up by 1.5 per cent to $1,869.52, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded at $1.00 each.