Naira Rises To N450.58 Per Dollar At I&E, N742 At Black Market

The rate of the naira to the dollar rose across the foreign exchange market segments on Thusday, OduNews reports.

In the P2P market, the value of the local currency improved by N5 against the US Dollar to sell at N770/$1 compared to the previous day’s value of N775/$1.

Also, in the black market, the domestic currency gained N1 against its American counterpart yesterday to trade at N742/$1, in contrast to Wednesday’s exchange rate of N743/$1.

However, the exchange rate of the local currency against the Dollar remained unchanged at the spot market on Thursday at N450.58/$1.

But in the interbank segment of the market, the Naira depreciated against the British Pound Sterling by N5.03 to sell for N552.46/£1 compared with the preceding day’s N552.46/£1 and against the Euro, the Naira lost N4.29 to quote at N474.94/€1 versus the previous day’s value of N469.91/€1.

As for the digital currency market, ten tokens were in the red as the market continued to face uncertainty as countries raised interest rates as part of efforts to cushion against rising inflation and a possible global recession.

Litecoin (LTC) slid by 2.6 per cent to trade at $73.11, Solana (SOL) saw a 2.0 per cent decline to sell at $13.99, Dogecoin (DOGE) made a 1.9 per cent slump to trade at $0.0862, Bitcoin (BTC) depreciated by 1.8 per cent to sell at $17,411.41, Ethereum (ETH) saw its value go down by 1.6 per cent to $1,270.93, and Cardano (ADA) took a 1.5 per cent hit to trade at $0.2995.

Further, Binance Coin (BNB) fell by 1.3 per cent to sell $261.28, Ripple (XRP) slipped by 0.7 per cent to trade at $0.3787, and Binance USD (BUSD) went down by 0.02 per cent to settle at $0.9999, while the United States Tether (USDT) closed flat at $1.00.