On Wednesday, January 25, the Naira strengthened against the US dollar at the Investors and Exporters (I&E), Peer-to-Peer (P2P), and parallel market windows of the foreign exchange market.
During the session, the Naira was exchanged for N766/$1 in the P2P market, compared to N770/$1 the previous day, indicating an N4 improvement.
In the black market, the Nigerian naira gained N1 against the US dollar to trade at N748/$1 compared to the previous day’s rate of N749/$1.
In the spot market, the local currency rose by 30 Kobo, or 0.06 percent, to sell at N461.70/$1 yesterday, compared to N462.00/$1 on Tuesday, despite a slight drop in FX turnover, according to data from FMDQ Securities Exchange.
The session saw $109.82 million in forex transactions, down $2.22 million or 1.9 percent from the previous session’s total of $112.04 million.
Yesterday, the Nigerian currency closed flat against the British Pound Sterling and the Euro at N567.21/£1 and N500.53/€1, respectively, on the interbank market.
The forex market is still feeling the pressure put on the local currency as Nigerians rush to exchange their old currencies for new ones before the January 31 deadline.
The cryptocurrency market was mostly bullish, as macroeconomic data suggests that this year will be much better for the sector, which has come under increased scrutiny since a string of scams and disasters in 2022.
Eight of the ten benchmarked currencies tracked by Business Post rose in response to renewed interest in the asset, with Solana (SOL) rising 7.4% to $24.81.
Litecoin (LTC) increased by 4.1% to $90.55, Cardano (ADA) increased by 3.9% to $0.3761, Ethereum (ETH) increased by 3.7% to $1,620.00, and Dogecoin (DOGE) increased by 3.6% to $0.0873.
Furthermore, Bitcoin (BTC) increased by 2.9% to $23,427.37, Ripple (XRP) increased by 2.8% to $0.4203, and Binance Coin (BNB) increased by 2.2% to $309.09, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.
