By Adedapo Adesanya
The exchange rate of the Naira to the United States Dollar moved in different directions on Thursday as it appreciated at the Investors and Exporters (I&E) and depreciated in the parallel market and the Peer-to-Peer (P2P) window of the foreign exchange (forex) market.
The constant weakening of the local currency has been attributed to the ripple effect of the recent Central Bank of Nigeria’s policy to rebrand higher Naira denomination notes.
In the P2P segment, the Nigerian currency lost N27 against the Dollar to trade at N892/$1, in contrast to N865/$1 of the preceding session and in the black market, the Naira fell by N30 to close at N880/$1 compared with Wednesday’s N850/$1.
However, in the spot market, the Naira appreciated by 24 Kobo or 0.06 per cent to settle at N445.76/$1 compared with the previous day’s N446/$1, as the turnover for the session stood at $166.88 million.
Also, the local currency appreciated against the Pound Sterling at the interbank segment on Thursday by N11.00 to N494.29/£1 from N506.19/£1, and against the Euro, it gained N6.13 to sell for N429.32/€1 compared with the previous day’s N435.45/€1.
In the digital currency market, most of the 10 tokens tracked by Business Post closed bullish, with Binance Coin (BNB) gaining 5.4 per cent to trade at $334.66.
Cardano (ADA) rose by 2.7 per cent to settle at $0.3467, Litecoin (LTC) appreciated by 1.8 per cent to quote at $63.82, Ripple (XRP) improved by 0.9 per cent to trade at $0.4619, Ethereum (ETH) went up by 0.7 per cent to close at $1,563.38, and Bitcoin (BTC) chalked up 0.5 per cent to finish at $20,470.87.
On the flip side, Dogecoin (DOGE) went down by 9.1 per cent to sell at $0.1208, losing gains recorded when Elon Musk became the new owner of Twitter. With plans to monetise some parts of the social media features, fears that users may not see their dream of the coin onboarded waned.
Solana (SOL) went down by 0.1 per cent to trade at $32.03, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 apiece.
