Nigerian Currency Gains on Improved Dollar Supply

December 1, 2022
Nigerian Currency

By Adedapo Adesanya

An improvement in the supply of Dollars to the foreign exchange (FX) market in Nigeria further strengthened the value of the Naira on Wednesday.

The Nigerian currency appreciated against the American Dollar at the different segments of the forex market at the close of transactions in the midweek session.

Business Post reports that the Naira gained N18 against the greenback during the session in the Peer-to-Peer (P2P) window of the market to settle at N766/$1 compared with the previous day’s N784/$1.

In the Investors and Exporters (I&E) segment, the domestic currency maintained stability against its US counterpart yesterday to close at N445.30/$1 despite an increase in the value of FX trades recorded on Wednesday.

According to FMDQ Securities Exchange, the turnover for the session increased by 63.8 per cent or $69.12 million to $177.44 million from $108.32 million.

In the interbank segment, the Naira appreciated against the Pound Sterling on Wednesday by N2.46 to trade at N534.67/£1, in contrast to Tuesday’s rate of N537.13/£1, and against the Euro, the local currency gained N3.32 to close at N461.79/€1 compared with the previous day’s N465.11/€1.

In the black market, the Nigerian Naira appreciated against the United States Dollar by N18 to quote at N750/$1 compared with Tuesday’s exchange rate of N768/$1.

In the crypto market, the market was mixed, with Solana (SOL) rising by 2.3 per cent to $13.91, and Bitcoin (BTC) jumping by 1.3 per cent to $17,717.16, and Ethereum (ETH) appreciating by 0.9 per cent to sell at $1,283.14.

Further, Cardano (ADA) added 0.8 per cent to its value to trade at $0.3167, while United States Tether (USDT) rose by 0.02 per cent to sell at $1.00.

On the flip side, Dogecoin (DOGE) made a 2.8 per cent decline to quote at $0.1036, Litecoin slid by 1.8 per cent to trade at $77.03, Binance Coin (BNB) fell by 1.1 per cent to settle at $295.84, Binance USD (BUSD) went down by 0.07 per cent to $1.00, and Ripple (XRP) depreciated by 0.01 per cent to trade at $0.4011.

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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