Adedapo Adesanya
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.
