Today, the Naira strengthened against the US dollar in the parallel market, the Peer-2-Peer (P2P), and the Investors and Exporters (I&E) windows of the foreign exchange (FX) market, influenced by improved forex liquidity, though risks remained.
In the black market, the Nigerian currency gained N1 against its American counterpart yesterday, selling at N759/$1, up from N760/$1 the day before.
Furthermore, in the peer-to-peer segment, the local currency rose by N1 to trade at N769/$1, up from N770/$1 on Thursday.
According to data obtained from FMDQ Securities Exchange, the Naira appreciated against the greenback in the I&E window or the spot market on Friday by 75 Kobo or 0.16 percent to finish at N461.25/$1 compared to the previous day’s N462.00/$1.
The forex turnover for the trading session was $81.98 million, which was $12.26 million or 17.6 percent higher than the $69.72 million reported the day before.
Yesterday, the domestic currency gained N5.72 against the Pound Sterling to close at N550.11/£1 versus N555.83/£1 on Thursday, and it also gained N4.01 against the Euro to end the session at N489.67/€1 versus N493.68/€1.
Meanwhile, the cryptocurrency market was bullish on Friday, with Bitcoin (BTC) rising above $24,000, up 3.7% to $24,618.96.
Ethereum (ETH) increased by 2.4 percent to $1,698.09, while Solana (SOL) increased by 3.7% to $23.44, and Binance Coin (BNB) increased by 3.3% to $317.17.
Furthermore, Dogecoin (DOGE) increased by 2.5 percent to $0.0880, Cardano (ADA) increased by 2.4 percent to $0.4039, Ripple (XRP) increased by 1.8% to $0.3948, and Litecoin (LTC) increased by 1.6% to $101.26, with Binance USD (BUSD) and the US Dollar Tether (USDT) remaining unchanged at $1.00 each.
