Naira Gains 0.74% on Dollar at Spot Market
Naira returned from the Sallah break (Monday and Tuesday) on Wednesday, July 13 stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.74 per cent or N3.17.
The local currency was sold for N424.58/$1 yesterday compared with the preceding session’s N427.75/$1, according to data obtained from FMDQ Securities Exchange.
During the session, the turnover stood at $60.84 million, higher than the $48.67 million achieved in the preceding session, representing a $12.17 million or 25.0 per cent rise.
However, at the Peer-to-Peer (P2P) segment of the forex market yesterday, the Naira closed flat against the US Dollar at N623/$1 and in the black market, it depreciated by N1 to settle at N618/$1 in contrast to the previous day’s N617/$1.
In the interbank window, the value of the domestic currency against the British Pound Sterling remained unchanged at N498.83.65/£ and against the Euro, it also closed flat at N427.93/€1.
In the cryptocurrency market, nine of the 10 benchmarked tokens tracked by SPRINGNEWSNG pointed northwards as the month continued on a strong foot after bearish runs in the last two months, with TerraClassicUSD (UST) losing 11.7 per cent to sell for $0.0379.
But Ethereum (ETH) rose the highest by 4.5 per cent to sell at $1,105.80, Solana (SOL) recorded a 3.7 per cent appreciation to sell at $34.47, Bitcoin (BTC) saw a 3.1 per cent gain to trade at $20,105.58, while Binance Coin (BNB) appreciated by 3.0 per cent to trade at $230.80.
Ripple (XRP) went higher by 2.2 per cent to settle at $0.3219, Litecoin (LTC) saw its value also go up by 2.0 per cent to trade at $49.18, Cardano (ADA) recorded a 1.6 per cent growth to sell at $0.4304, the United States Dollar Tether (USDT) grew by 0.02 per cent to trade at $0.9994, and Dogecoin (DOGE) followed with a 0.01 per cent rise to close at $0.0606.
