Nigerian Currency Appreciates Against Dollar at FX Windows

April 18, 2023
nigerian currency

By Adedapo Adesanya

The Naira appreciated against the Dollar at the Investors and Exporters (I&E) and the black market segment of the foreign exchange (forex) but depreciated in the peer-to-peer (P2P) window of the market on Monday, April 17, amid weakened greenback supply.

In the spot market, the Nigerian currency gained N1.75 or 0.38 per cent against the US Dollar during the session to close at N462.25/$1 compared with the preceding session’s N464.00/$1.

It was observed that yesterday, the value of FX transactions stood at $31.55 million compared with the $62.16 million reported in the preceding session, indicating a decline of 49.2 per cent or $30.61 million.

In the parallel market, the local currency appreciated against the greenback on Monday by N2 to sell for N738/$1 compared with the previous day’s value of N740/$1.

But in the peer-2-peer segment, the domestic currency depreciated against the American currency by N4 to quote at N752/$1 versus last Friday’s value of N748/$1.

In the same vein, the Naira shed N4.80 against the Pound Sterling in the interbank segment of the market during the trading day to finish at N576.72/£1 versus N571.92/£1, and against the Euro, it lost N4.47 to sell at N508.04/€1, in contrast to the previous rate of N503.57/€1.

Meanwhile, in the digital currency market, Bitcoin (BTC) lost 1.4 per cent to quote at $29,591.73, as Ethereum (ETH) depreciated by 0.4 per cent to sell at $2,093.58.

Solana (SOL) shed 2.3 per cent to quote at $24.91, Binance Coin (BNB) dropped 0.8 per cent to finish at $344.85, Cardano (ADA) recorded a 0.3 per cent loss to trade at $0.4427, and Binance USD (BUSD) went down by 0.02 per cent to $0.9999.

However, Dogecoin (DOGE) made a 3.4 per cent jump to trade at $0.0926, Litecoin (LTC) reported an improvement of 2.7 per cent to settle at $101.76, and Ripple (XRP) added 0.1 per cent to trade at $0.516, while the United States Tether (USDT) remained unchanged at the close of business at $1.00.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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