Nigerian Currency Sells for N416.41/$1 at Official FX Window

March 4, 2022
Official FX Market

By Adedapo Adesanya

The Naira appreciated against the Dollar at the official foreign exchange (FX) window on Thursday by 18 kobo to trade at N416.41/$1 compared with N416.59/$1 it was traded on Wednesday.

Also, the Nigerian currency gained N1.07 against the Pound Sterling at the same market segment to close at N557.16/£1 in contrast to N558.23/£1 of the preceding trading session and against the Euro, the domestic currency was fortified by N4.45 to settle at N461.92/€1 versus the previous day’s exchange rate of N466.37/€1.

A similar scenario played out at the Peer-2-Peer (P2P) window of the forex market, where the local currency further appreciated by N1 against the United States currency to trade at N574/$1 compared with N575/$1 it was sold at the midweek session.

At the digital currency market, the bears have maintained a firm grip on the landscape, with nine of the 10 cryptos monitored by Business Post closing in the danger zone.

Dash (DASH) recorded the biggest loss as it dropped 5.2 per cent to trade at N54,641.50, Cardano (ADA) went down by 5.1 per cent to sell for N512.30, Dogecoin (DOGE) dropped 4.0 per cent to sell at N74.11, while Solana (SOL) depreciated by 2.8 per cent to trade at N53,771.85.

In addition, Binance Coin (BNB) recorded a 2.8 per cent loss during the session to finish at N163,685.06, Litecoin (LTC) moved downwards by 1.7 per cent to trade at N62,775.53, Ethereum (ETH) suffered a 1.2 per cent depreciation to close at N1,596,930.00, Ripple (XRP) followed with a 0.3 per cent loss to settle at N489.00, while the US Dollar Tether (USDT) retreated by 0.1 per cent depreciation as it sold for N584.9.

The only gainer was Bitcoin (BTC) as it appreciated by 0.2 per cent to N24,922,994.00.

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.

Leave a Reply

oil prices fall
Previous Story

Expectations on Iran Deal Pushes Oil Prices Down

Next Story

FrieslandCampina Rescues NASD OTC Market by 0.14%

Latest from Economy

Don't Miss