Nigerian Currency Drops 0.17% Against Dollar at P2P FX Market

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By Adedapo Adesanya

The Nigerian currency suffered a 0.17 per cent or N1 decline against the American Dollar at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Wednesday, April 14.

Data obtained by Business Post showed that the indigenous currency was exchanged with the Dollar at N586/$1 at the FX market category yesterday compared with the N585/$1 it was traded in the preceding session.

It was also a similar situation for the Naira at the Investors and Exporters (I&E) window of the forex market on Wednesday as it lost 5 kobo or 0.01 per cent against the greenback to close at N416.67/$1 in contrast to the previous day’s N416.62/$1, according to data obtained from the FMDQ Securities Exchange.

But at the official exchange rate segment, the Naira appreciated against the Pound Sterling yesterday by 68 kobo to trade at N540.88/£1 compared to the previously traded rate of N541.56/£1 and gained N1.26 against the Euro to settle at N450.60/€1 in comparison to the preceding session’s N451.86/€1.

A look at the digital currency market indicated that the bulls finally took over the landscape after Monday’s correction, with Litecoin (LTC) growing by 6.0 per cent to trade at N66,225.74.

Dash (DASH) appreciated by 3.9 per cent to sell at N62,072.01, Bitcoin (BTC) improved its value by 3.5 per cent to quote at N25,007,405.00, Ethereum (ETH) rose by 2.9 per cent to sell at N1,839,150, while Cardano (ADA) recorded a 2.3 per cent gain to trade at N580.79.

In addition, Ripple (XRP) posted a 2.2 per cent increase to sell for N432.52, Binance Coin (BNB) also recorded a 2.2 per cent growth to trade at N174,214.65, Dogecoin (DOGE) posted a 2.0 per cent rise to quote at N83.77, Solana (SOL) recorded a 1.2 per cent appreciation to sell at N61,991.35, while the United States Dollar Tether (USDT) increased its value by 0.5 per cent to close at N638.16.

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