Nigerian Currency Stable Against Dollar Across FX Segments

August 31, 2022
nigerian currency

By Adedapo Adesanya

The value of the Nigerian currency was stable against the American currency at the major segments of the foreign exchange (FX) market on Tuesday, August 30.

In the Investors and Exporters (I&E) window of the forex market, the local currency retained its previous day’s exchange rate of N430.33/$1 and in the Peer-to-Peer (P2P) side of the currency market, the Naira also showed no movement against the greenback at N710/$1.

Equally, at the interbank market, the domestic currency remained flat against the British Pound Sterling and the Euro yesterday at N495.39/£1 and N423.25/€1 respectively.

However, at the parallel market, the Naira appreciated against the US Dollar by N1 to trade at N701/$1 compared with the preceding day’s N702/$1.

Meanwhile, in the cryptocurrency market, five of the 10 benchmarked tokens tracked by Business Post across the several trading platforms were in the bearish territory while three were bullish, with two closing flat.

Litecoin (LTC) led the losers as it declined by 1.7 per cent to trade at $54.62, Dogecoin (DOGE) made a 1.4 per cent slide to sell at $0.0630, Bitcoin (BTC) lost 0.4 per cent to quote at $20,329.65, Binance Coin (BNB) recorded a 0.3 per cent depreciation to close at $287.76 while Solana (SOL) depreciated by 0.1 per cent to $32.60.

But Cardano (ADA) appreciated by 1.9 per cent to sell at $0.4607, Ethereum (ETH) improved by 1.3 per cent to settle at $1,599.39, while Ripple (XRP) recorded a 0.1 per cent growth to trade at $0.3324, with Binance USD (BUSD) and the US Dollar Tether (USDT) remaining unchanged at $1.00 each.

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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