Adedapo Adesanya
By Adedapo Adesanya
The Naira showed resilience on Tuesday in the official market despite coming under intense FX demand pressure as investors begin to have confidence in the last forex policy of the Central Bank of Nigeria (CBN).
During the session, the Nigerian Naira appreciated against the US Dollar in the Investors and Exporters (I&E) segment by 1.8 per cent or N13.77 to trade at N756.61/$1 versus the preceding session’s N770.38/$1.
Business Post reports that the value of FX transactions recorded yesterday increased by 72.3 per cent or $56.44 million to $134.47 million from the $78.03 million achieved a day earlier.
Also, in the black market, the Naira gained N9 against the Dollar during the session to settle at N760/$1, in contrast to Monday’s exchange rate of N769/$1.
But in the Peer-2-Peer (P2P) segment, the local currency depreciated against the greenback by N4 to quote at N776/$1 versus the previous day’s value of N772/$1.
In the interbank segment of the market, the exchange rate of the Naira to the Pound Sterling and the Euro remained unchanged for another trading session at N746.59/£1 and N641.26/€1 apiece.
As for the cryptocurrency market, Bitcoin (BTC) rose above $28,000 for the first time in two weeks, as its price broke out of a key resistance level on Tuesday. The bullish sentiment continues to make a gradual return, following recent market weakness. Ethereum (ETH) remained over the $1,700 level during the day’s session.
BTC moved up by 5.3 per cent to trade at $28,135.01, ETH made a 3.2 per cent to sell at $1,784.99, Litecoin (LTC) rose by 3.7 per cent to settle at $80.22, and Solana (SOL) grew by 3.3 per cent to $16.42.
In addition, Cardano (ADA) added 2.2 per cent to quote at $0.2682, Binance Coin (BNB) jumped 0.8 per cent to sell for $244.42, and Dogecoin (DOGE) made a 0.5 per cent appreciation to finish at $0.0627, while Ripple (XRP) lost 0.2 per cent to trade at $0.4927, as the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.
