Naira Exchanges For N736/$ At Black Market

The value of the naira slightly appreciated against the dollar in the different segments of the foreign exchange market on Tuesday.

Naira Exchanges For N736/$ At Black Market
Naira Exchanges For N736/$ At Black Market

The Naira closed stronger against the greenback yesterday in the black market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) windows after the Easter break.

The local currency was exchanged with its American counterpart during the session at N742/$1 compared with the preceding session’s rate of N748/$1, indicating an appreciation of N6 or 0.80 per cent.

In the I&E segment of the market, the Nigerian currency was fortified against the US Dollar by 37 Kobo or 0.08 per cent to trade at N462.88/$1 versus last Thursday’s value of N463.25/$1, amid a 20.3 per cent or $20.55 million shortfall in the value of forex transactions in the FX market window to $80.90 million from $101.45 million.

Similarly, the Naira gained N2 or 0.27 per cent against the greenback on Tuesday to quote at N736/$1, in contrast to the preceding session’s exchange rate of N738/$1.

In the same vein, in the interbank segment, the domestic currency depreciated against the Pound Sterling yesterday by N23.93 to trade at N573.03/£1, in contrast to the previous session’s N551.10/£1, and against the Euro, it lost N13.14 to quote at N502.11/€1 versus last Thursday’s N488.97/€1.

In the cryptocurrency market, the bears dominated as investors await Wednesday’s US consumer price index (CPI) report for March and Ethereum’s Shapella upgrade.

Bitcoin (BTC) slid below a 10-month peak of $30,000 following a 0.1 per cent loss to close at $29,947.18, while Ethereum (ETH) saw its value go down by 2.6 per cent to $1,867.00.

Litecoin (LTC) went down by 4.6 per cent to trade at $91.66, Dogecoin (DOGE) slumped by 3.4 per cent to $0.0817, Ripple (XRP) dropped 3.2 per cent drop to settle at $0.5078, Cardano (ADA) slid by 2.9 per cent to $0.3932, and Binance Coin (BNB) fell by 2.7 per cent to sell for $318.76.

However, Solana (SOL) gained 2.6 per cent to finish at $22.76, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.

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