The value of the naira against the greenback depreciated by 0.14% at the Peer-to-peer (P2P) window to N700 per dollar as against the N699 it traded the previous day.
However, the Naira traded flat against the dollar on the black market on Tuesday as its value remained unchanged at N686/$1 at the close of transactions.
Equally, the Nigerian currency lost 0.29 per cent or N1.24 against the American Dollar yesterday to trade at the Investors and Exporters (I&E) to trade at N430.67/$1 compared with Monday’s exchange rate of N429.43/$1.
According to data from the FMDQ Securities Exchange, the value of FX transacted at the spot market during the session was $175.67 million, 8.5 per cent or $13.73 million higher than the $161.94 million recorded the previous day, pushing pressure on the local currency.
In the interbank segment, the domestic currency appreciated against the Pound Sterling yesterday by N1.55 or 0.3 per cent to sell for N496.87/£1 in contrast to the preceding day’s N498.42/£1 and against the Euro, it gained N2.92 or 0.7 per cent to settle at N419.04/€1 versus Monday’s N421.96/€1.
Nigeria’s external reserves improved slightly by 0.07% on Monday, 22nd August 2022, to stand at $38.94 billion from $38.91 billion recorded in the previous trading trade.
The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.
However, improved non-oil export earnings are beginning to elevate the reserves, albeit very low.
Meanwhile, the cryptocurrency market recovered across the various crypto exchanges, with Ethereum (ETH) growing by 4.0 per cent to sell at $1,635.62.
Litecoin (LTC) gained 3.5 per cent to trade at $56.24, Ripple (XRP) recorded a 2.6 per cent rise to settle at $0.343, and Shiba Inu (SHIB) added 2.2 per cent to its value to close at $0.00001318, while Cardano (ADA) recorded a 1.9 per cent increase to sell at $0.4577.
Furthermore, Bitcoin (BTC) jumped by 1.8 per cent to sell at $21,360.23, Solana (SOL) appreciated by 1.5 per cent to finish at $34.89, Binance Coin (BNB) recorded a 0.9 per cent appreciation to trade at $297.47, Dogecoin (DOGE) rose by 0.8 per cent to quote at $0.0678, while the US Dollar Tether (USDT) improved its value by 0.01 per cent to sell for $1.00.
