Nigerian Currency Appreciates to N420/$1 at Official Market

June 16, 2022
nigerian currency

By Adedapo Adesanya

The value of the Nigerian currency appreciated against the United States currency at the Investors and Exporters (I&E) segment of the foreign exchange (FX) on Wednesday.

The Naira was traded at the official market yesterday at N420/$1 compared with the N420.75/$1 it was transacted at the previous trading session, indicating a growth of 0.18 per cent or 75 kobo.

The strengthening of the local currency occurred amid a slight increase in the turnover by $9.54 million or 8.3 per cent to $124.62 million from the preceding day’s $115.08 million.

In the Peer-to-Peer (P2P) segment of the market, the domestic currency, however, depreciated against the US Dollar by N1 or 0.2 per cent to sell at N616/$1 compared with Tuesday’s rate of N615/$1.

But at the interbank window, the local currency closed flat against the Pound Sterling and the Euro at N502.44/£1 and N434.59/€1 respectively.

In the cryptocurrency market, there was a ray of hope for investors despite the decision of the US Federal Reserve to raise benchmark interest rates 75 basis points in a move to contain rising inflation.

Solana (SOL) appreciated by 20.4 per cent to sell at $34.12, Dogecoin (DOGE) gained 14.7 per cent to trade at $0.0607, Cardano (ADA) jumped by 13.5 per cent to sell at $0.5197, Litecoin (LTC) rose by 13.0 per cent to trade at $49.89, Ripple (XRP) recorded a 9.2 per cent rise to quote at $0.3371, and Binance Coin (BNB) recorded an 8.8 per cent rise to trade at $230.69.

In addition, Ethereum (ETH) grew by 6.5 per cent to sell at $1,209.89, Bitcoin (BTC) appreciated by 5.5 per cent to $22,243.78, the US Dollar Tether (USDT) improved by 0.04 per cent to quote at $0.9989, while TerraClassicUSD (USTC) increased its value by 0.03 per cent to $0.0078.

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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