The Naira strengthened against the US dollar in the Peer-2-Peer (P2P) segment of the foreign exchange (FX) market on Wednesday, closing at N759/$1, up from N760/$1 on Tuesday.
However, in the Investors and Exporters (I&E) window, the Nigerian currency depreciated by 40 Kobo, or 0.09 percent, to settle at N461.90/$1 compared to the previous day’s rate of N461.50/$1, according to FMDQ Securities Exchange data.
The value of forex traded in the spot market increased by 28.6 percent, or $33.63 million, to $151.26 million on the midweek trading day, up from $117.63 million the day before.
In the parallel market, the local currency fell by N1 against the US dollar yesterday, closing at N742/$1 instead of N741/$1 on Tuesday.
At the midweek session, the domestic currency closed flat against the Pound Sterling and the Euro, at N549.03/£1 and N485.15/€1, respectively.
Meanwhile, the cryptocurrency market was bullish on Wednesday, with most tokens tracked by Entrepreneurng trading in the green, with Ripple (XRP) rising 5.9 percent to $0.3744.
Binance Coin (BNB) increased by 1.2 percent to $279.39, Litecoin (LTC) increased by 1.1 percent to $82.95, Bitcoin (BTC) increased by 0.5 percent to $17,530.76, Dogecoin (DOGE) increased by 0.2 percent to $0.0773, and Ethereum (ETH) increased by 0.07 percent to $1,341.30.
However, the value of Cardano (ADA) fell by 2.3% to $0.3167, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
