On Thursday, the Naira strengthened against the US dollar in the Peer-2-Peer (P2P), Investors and Exporters (I&E), and black market windows of the foreign exchange (forex) market.
In the parallel market, the Nigerian Naira gained N1 against the US Dollar during the session to settle at N745/$1, up from N746/$1 on Monday.
Similarly, in the P2P segment, the local currency gained N1 against the greenback to close at N753/$1, up from N754/$1 the previous session.
In the same vein, the domestic currency gained 25 Kobo or 0.05 percent against its American counterpart in the I&E window or the spot market, trading at N461.42/$1 versus N461.67/$1 on Monday.
The Naira withstood the heavy FX demand pressure it faced on Tuesday, according to EntrepreneurNG, as data from the FMDQ Securities Exchange showed that turnover increased by 46.11 percent, or $35.80 million, to $113.44 million from $77.64 million.
However, the local currency fell N4.18 against the Pound Sterling in the interbank segment yesterday, closing at N561.67/£1 versus N557.49/£1 on Monday, and fell N2.06 against the Euro, closing at N494.65/€1 versus N492.59/€1.
In the digital currency market, the bulls kept their grip after the February Consumer Price Index in the United States showed a drop in inflation to 6% from 6.4 % the previous month.
Furthermore, investors believed that the risk of contagion from the failures of Silicon Valley Bank (SVB) and Signature Bank had been mitigated.
As a result, Bitcoin (BTC) increased by 1.9% to $24,943.32, Ethereum (ETH) increased by 1.8% to $1,713.67, and Solana (SOL) increased by 5.5% to $21.47.
Furthermore, Litecoin (LTC) increased by 5.2% to $85.38, Dogecoin (DOGE) increased by 4.8% to $0.0760, Binance Coin (BNB) increased by 2.4% to $313.69, Ripple (XRP) increased by 1.7% to $0.3769, and Cardano (ADA) increased by 1.1% to $0.3475, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.
