The Naira ended the day mixed, strengthening against the US dollar in the Peer-to-Peer (P2P) and black market arms of the foreign exchange (forex) market but weakening in the Investors and Exporters (I&E) window.
As the market continues to rebalance, the country’s legal tender increased by N1 to settle at N784/$1 in the P2P window, down from N785/$1 in the previous session.
In the parallel market, the Nigerian currency gained N7 against the US dollar during the session to trade at N768/$1, up from N775/$1 the previous day.
In the I&E sector, however, the Naira fell by 60 Kobo or 0.13 percent against the US dollar, selling at N445.30/$1, compared to N444.70/$1 on Monday, according to FMDQ Securities Exchange data.
The value of the local currency fell as demand for foreign exchange in the official market increased by 44.6 percent, or $33.42 million, to $108.32 million from $74.90 million.
In addition, the domestic currency depreciated by N3.14 against the Euro on Tuesday, trading at N465.11/€1 compared to the previous day’s N461.97/€1, and gained 9 Kobo against the Pound Sterling, closing at N537.13/£1 compared to Monday’s N537.24/£1.
Meanwhile, the digital currency market turned bullish yesterday, with Ethereum (ETH) rising 5.8 percent to $1,266.84 and Dogecoin (DOGE) rising 2.9 percent to $0.1063.
Furthermore, Ripple (XRP) increased by 2.8% to $0.4021, Bitcoin (BTC) increased by 2.5% to $16,850.25, Litecoin (LTC) increased by 1.7% to $78.46, Cardano (ADA) increased by 0.9% to $0.3141, and the US Dollar Tether (USDT) increased by 0.1% to $0.9997.
On the other hand, Solana (SOL) fell 1.5 percent to $13.56, Binance Coin (BNB) fell 0.7 percent to $297.58, and Binance USD (BUSD) fell 0.05 percent to $0.9998.
