Nigerian Naira Further Appreciates at Various FX Windows

By Adedapo Adesanya

The Nigerian Naira maintained its sterling performance against the United States Dollar at the various segments of the foreign exchange (FX) market on Friday.

Business Post reports that the Nigerian currency gained weight against its American counterpart at the black market, the Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows of the forex market.

In the final trading session at the spot market, the domestic currency appreciated against the greenback by 8 Kobo or 0.02 per cent to trade at N445.67/$1 compared with the preceding session’s N445.75/$1.

This was helped by an 18.4 per cent or $22.30 million ease in the turnover for the trading day to $98.70 million from the $121.00 million recorded a day earlier.

In the parallel market, the nation’s legal tender was strengthened by N5 as it closed at N780/$1 compared with Thursday’s rate of N785/$1.

In the P2P FX window, the value of the local currency rose by N10 to settle at N788/$1, in contrast to the previous day’s value of N798/$1.

In the interbank segment, the Naira gained N1.72 against the Pound Sterling to close at N525.23/£1 versus N526.95/£1, and against the Euro, it garnered N2.69 to trade at N458.76/€1 compared with the previous day’s N461.45/€1.

In the cryptocurrency market, the volatility witnessed in the past trading days persisted, as investors continue to weigh its future following the continued discovery of the downfall of FTX.

Solana (SOL) lost 6.2 per cent to sell at $12.81, Dogecoin (DOGE) went down by 2.3 per cent to $0.0837, Cardano (ADA) shrank by 1.5 per cent to $0.3241, Ethereum (ETH) declined by 1.3 per cent to sell at $1,202.88, while Bitcoin (BTC) also lost 1.3 per cent to close at $16,595.60.

Further, Litecoin (LTC) went down by 1.0 per cent to trade at $62.05, Ripple (XRP) recorded a 0.8 per cent slump to quote at $0.3776, and the US Dollar Tether (USDT) depreciated by 0.03 per cent to sell at $0.09992.

However, Binance Coin (BNB) appreciated by 0.2 per cent to sell for $272.22, while Binance USD (BUSD) closed flat at $1.00.