Naira Trades N608/$1 at P2P, N598/$1 at Parallel Market, N419/$1 at

By Adedapo Adesanya

The Naira closed flat against the Dollar at N608/$1 at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Wednesday and at the parallel market, it appreciated by N1 against the greenback to sell at N598/$1 compared with N599/$1 it was traded on Tuesday.

The appreciation recorded yesterday at the black market was due to the gradual influx of Dollars into the system after the initial mopping up by politicians for the presidential primaries of the Peoples Democratic Party (PDP) last weekend.

Those who allegedly received Dollars as delegates are beginning to convert their money into Naira and another scarcity is expected this weekend as the All Progressives Congress (APC) prepares for its primary next week.

At the Investors and Exporters (I&E) segment, the domestic currency performed better than the American currency as it gained 0.12 per cent or 50 kobo to quote at N419.00/$1 compared with the previous day’s N419.50/$1, according to data harvested by Business Post from FMDQ Securities Exchange.

It was gathered that the forex turnover for the session was $171.98 million, 74.6 per cent or $73.46 million higher than the $98.52 million recorded a day earlier.

Also, at the interbank segment, the local currency closed stronger than the Pound Sterling by 17 kobo as it traded at N522.88/£1 compared to the previously traded rate of N523.05/£1 and on the Euro, it slumped by 26 kobo to N445.25/€1 from N444.25/€1.

As for the digital currency market, things worsen for TerraUSD (UST) as it shed 25.1 per cent to sell at $0.0151, Solana (SOL) went south by 13.9 per cent to $38.57, Litecoin (LTC) slid 9.3 per cent to trade at $62.51, Cardano (ADA) lost 7.9 per cent to sell at $0.5568, while Ethereum (ETH) recorded a 6.4 per cent dip to trade at $1,810.69.

Further, Binance Coin (BNB) slipped by 6.3 per cent to trade at $300.23, Dogecoin (DOGE) dropped 6.2 per cent to quote at $0.0804, Ripple (XRP) declined by 6.1 per cent to $0.3941, Bitcoin (BTC) went down by 5.8 per cent to trade at $29,742.48, while the US Dollar Tether (USDT) pointed south by 0.01 per cent to settle at $0.9993.