Adedapo Adesanya
By Adedapo Adesanya
The Naira closed stronger against the greenback at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market on Tuesday, appreciating by N7 or 1.1 per cent to sell for N608/$1 compared with the previous day’s N615/$1.
But at the Investors and Exporters (I&E) segment, the local currency further depreciated against the Dollar by 0.12 per cent or 50 kobo to sell at N420.75/$1 compared with Monday’s N420.25/$1.
The domestic currency declined at the I&E window yesterday amid a reduction in the value of forex transactions, according to data from the FMDQ Securities Exchange.
It was gathered that the turnover for the trading day was $113.12 million compared with the preceding day’s $136.61 million, indicating a decline of $23.49 million or 17.20 per cent.
At the interbank segment of the FX market, the Nigerian currency closed flat against both the Pound Sterling and the Euro at N527.68/£1 and N439.87/€1, respectively.
Meanwhile, at the cryptocurrency market, it was a mixed bad as seven of the 10 benchmarked tokens tracked by Business Post across the various trading platforms appreciated in value, with TerraClassicUSD (USTC) leading the losers’ log after it depreciated by 21.6 per cent to trade at $0.01208.
Solana (SOL) depreciated during the session by 0.5 per cent to quote at $38.97, while the US Dollar Tether (USDT) recorded a 0.01 per cent slide to close at $0.9994.
On the flip side, Cardano (ADA) ballooned by 9.8 per cent to sell at $0.6386, Binance Coin (BNB) recorded a 3.0 per cent growth to trade at $287.96, Litecoin (LTC) gained 2.9 per cent to sell at $62.96, Bitcoin (BTC) appreciated by 2.8 per cent to settle at $30,323.05, Ripple (XRP) recorded a 2.5 per cent rise to trade at $0.4002, Ethereum (ETH) saw its value go up by 2.3 per cent to sell at $1,794.04 and Dogecoin (DOGE) jumped 0.8 per cent to trade at $0.0799.
