Home Market Naira Appreciates at Black Market, Peer-to-Peer, I&E

Naira Appreciates at Black Market, Peer-to-Peer, I&E

by Harry Choms

On Monday, March 20, the Naira appreciated against the US dollar in the Peer-to-Peer (P2P), black market, and Investors and Exporters (I&E) windows of the foreign exchange (FX) window.

The Naira gained N2 against the US Dollar during the session, closing at N754/$1, up from N756/$1 the previous session.

In the parallel market, the local currency gained N1 against the US dollar on Friday, trading at N747/$1 versus N748/$1 on Thursday.

The Nigerian currency performed similarly in the I&E segment of the market, closing 17 Kobo or 0.04 percent stronger against the greenback, selling at N461.83/$1 versus N462.00/$1 the previous session.

This occurred as the value of forex transactions recorded during the session fell by 10.2 percent, or $9.97 million, to $87.81 million from $97.78 million the day before.

The Naira saw no movement against the Pound Sterling or the Euro in the interbank market, closing at N556.45/£1 and N487.99/€1, respectively.

Bitcoin (BTC) hit a new nine-month high above $27,000 on Friday in the cryptocurrency market. The increase came as a result of the US Federal Reserve’s decision to backstop troubled banks to a record of $152.9 billion.

BTC increased by 6.0 percent to $27,546.42, Ethereum (ETH) increased by 5.8 percent to $1,813.37, Solana (SOL) increased by 11.9 percent to $22.48, Litecoin (LTC) increased by 6.4 percent to $86.62, and Cardano (ADA) increased by 6.2 percent to $0.3523.

Furthermore, Dogecoin (DOGE) increased by 4.8% to $0.0776, Ripple (XRP) increased by 3.9% to $0.3843, and Binance Coin (BNB) increased by 3.8% to $344.22, while US Dollar Tether (USDT) and Binance USD (BUSD) traded at $1.00 each.

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