On Thursday, the Nigerian currency performed better than its US counterpart in various foreign exchange (FX) segments.
According to Entrepreneurng, the Naira eased the forex demand pressures it faced yesterday by gaining weight against the US dollar on the black market, Peer-to-Peer (P2P), and Investors and Exporters (I&E) windows.
This was bolstered by Nigerians’ decision to monitor the impact of President Muhammadu Buhari’s new series of N200, N500, and N1,000 notes, which were unveiled a day earlier in Abuja.
According to the Central Bank of Nigeria (CBN), the new banknotes will enter the financial system next month, while the old notes will be phased out on January 31, 2023.
Yesterday, the Naira gained N7 against the US Dollar in the P2P window to settle at N787/$1, up from N794/$1 the day before, and N3 in the parallel market to trade at N777/$1 compared to N780/$1 on Wednesday.
Furthermore, the domestic currency gained N1 or 0.22 percent against the greenback in the spot market, trading at N445.00/$1 versus the midweek rate of N446.00/$1.
The Nigerian Naira strengthened against the US dollar on Thursday, while the value of FX turnover in the I&E segment remained unchanged at $145.89 million.
However, during the session, the Naira closed flat against the Pound Sterling and the Euro in the interbank window, at N526.97/£1 and N455.56/€1, respectively.
In the cryptocurrency market, panic selling caused some tokens to fall, with Bitcoin (BTC) falling 1.7% to close at $16,410.32 and Ethereum (ETH) falling 2.1% to $1,176.81.
Furthermore, Cardano (ADA) fell 2.8 percent to $0.3101, Solana (SOL) fell 2.6 percent to $13.98, Dogecoin (DOGE) fell 1.2 percent to $0.0814, Binance Coin (BNB) fell 0.8 percent to $297.35, and Litecoin (LTC) fell 0.4 percent to $77.11.
Ripple (XRP) increased by 3.6% to $0.3964, and the US Dollar Tether (USDT) increased by 0.2% to $0.9995, while Binance USD (BUSD) traded flat at $1.00.
