Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the United States currency in the black market, the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) segments of the foreign exchange market on Monday, March 6.
Data obtained by Business Post showed that in the parallel market, the Nigerian currency gained N4 against the US Dollar yesterday to quote at N748/$1, in contrast to last Friday’s rate of N752/$1.
Also, in the peer-to-peer segment, the domestic currency was strengthened against its American pair by N9 to settle at N755/$1 compared with the preceding session’s value of N764/$1.
Similarly, in the official market window, the local currency gained 42 Kobo or 0.09 per cent against the greenback to trade at N461.33/$1 versus the previous session’s exchange rate of N461.75/$1.
The Naira regained strength in the spot market yesterday despite coming under heavy FX demand pressure.
It was observed that the value of forex transactions recorded in the I&E segment surged by 59.85 per cent or $40.44 million to $108.01 million from $67.57 million.
But in the interbank segment, the Naira closed flat against the Pound Sterling and the Euro on Monday at N553.24/£1 and N489.27/€1, respectively.
A look at the crypto market showed an uptick buoyed by the prospect of positive US economic data expected later this week.
The US nonfarm payrolls will be posted this week and the market also looks forward to a speech by the Federal Reserve chair, Mr Jerome Powell.
Dogecoin (DOGE) gained 2.2 per cent to trade at $0.756, Ripple (XRP) recorded a 1.7 per cent jump to quote at $0.3707, Ethereum (ETH) appreciated by 0.9 per cent to $1,573.86, Binance Coin (BNB) grew by 0.7 per cent to sell at $287.90, Bitcoin (BTC) increased by 0.4 per cent to $22,465.17, and Solana (SOL) appreciated by 0.3 per cent to $20.81.
However, Litecoin (LTC) went down by 0.6 per cent to trade at $88.20, Cardano (ADA) recorded a 0.04 per cent slide to sell at $0.3328, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.
