Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday by 50 Kob or 0.11 per cent to trade at N440.67/$1 compared with the previous day’s N441.17/$1.
The appreciation was bolstered by the availability of FX during the session despite a spike in the value of transactions. FX trades worth $95.39 million were carried out in the midweek session compared with the previous day’s $73.66 million, indicating a decline of 29.5 per cent or $21.73 million.
In the Peer-to-Peer (P2P) segment, the Nigerian currency depreciated against the greenback by N3 to close at N742/$1 in contrast to the previous day’s N739/$1.
In the parallel market, the value of the local currency to the American currency weakened by N1 to N734/$1. In the previous session, it was exchanged with the Dollar at N733/$1.
But in the interbank segment, the Naira appreciated against the Euro in the midweek session by N2.57 to trade at N423.30/€1 versus Tuesday’s N425.87/€1 and against the Pound Sterling, it gained N4.89 to wrap up at N482.45/£1 in contrast to N487.34/£1.
Amid fears of a global recession, investors in the cryptocurrency market trod with caution, with Cardano (ADA) recording a 5.2 per cent decrease to sell at $0.3718.
Ripple (XRP) made a 3.2 per cent depreciation to trade at $0.4709, Dogecoin (DOGE) lost 2.5 per cent to trade at $0.0588, Solana (SOL) went down by 1.8 per cent to sell at $30.58, Binance Coin (BNB) recorded a 1.0 per cent depreciation to quote at $268.95, and Litecoin (LTC) recorded a 0.8 per cent drop to trade at $51.83.
Furthermore, Ethereum (ETH) saw its value go down by 0.4 per cent to sell at $1,284.68, Binance USD (BUSD) went down by 0.1 per cent to trade at $0.9994, and Bitcoin (BTC) lost a meagre 0.02 per cent to sell at $19,075.78.
However, the value of the US Dollar Tether (USDT) remained unchanged yesterday at $1.00.
