On Saturday, March 11, the Naira strengthened further against the US dollar in the Peer-2-Peer (P2P) and parallel market arms of the foreign exchange (FX) market.
The Nigerian currency gained N2 against the US dollar in the peer-to-peer window yesterday, settling at N752/$1, up from N754/$1 the previous session.
Similarly, the domestic currency gained N1 on the greenback during the session, selling for N744/$1 compared to Thursday’s exchange rate of N745/$1.
However, in the Investors and Exporters (I&E) window, the Naira lost 50 Kobo or 0.11 percent against the American Dollar on Friday, settling at N461.50/$1 versus the previous day’s value of N461.00/$1, according to FMDQ Securities Exchange data.
The local currency fell yesterday despite the fact that the value of forex transactions fell by 0.3%, or $0.27 million, to $82.56 million from $82.83 million the day before.
On Friday, the Naira was flat against the Pound Sterling and the Euro in the interbank market, at N548.01/£1 and N487.11/€1, respectively.
The cryptocurrency market was quite bullish yesterday, with most of the tokens tracked by Business Post in the green.
This occurred as markets continued to react to Silvergate Bank’s liquidation, just days before a pivotal US nonfarm payrolls report that could determine how aggressively the Federal Reserve acts in its upcoming meeting.
Solana (SOL) increased by 5.5% to $17.50, Ethereum (ETH) increased by 2.6% to $1,438.08, Cardano (ADA) increased by 2.4% to $0.3115, and Binance Coin (BNB) increased by 2.2% to $275.27.
Furthermore, Bitcoin (BTC) increased by 1.8% to $20,232.47, Dogecoin (DOGE) increased by 0.7% to $0.0652, and US Dollar Tether (USDT) increased by 0.5% to $1.01.
On the other hand, Litecoin (LTC) fell 5.7 percent to $67.84, Ripple (XRP) fell 0.5 percent to $0.3654, and Binance USD (BUSD) fell 0.2 percent to $0.998.
