On Wednesday, March 1, the Naira strengthened against the US dollar in the Peer-2-Peer (P2P), parallel market, and Investors and Exporters (I&E) segments of the foreign exchange market.
The market found its bearings after the Independent National Electoral Commission (INEC) declared Mr Bola Ahmed Tinubu of the ruling All Progressives Congress (APC) as the winner of the February 25 presidential election.
The Nigerian currency gained N2 against its US counterpart yesterday in the P2P window, trading at N766/$1, up from N768/$1 on Tuesday.
Despite a rise in the value of FX transactions, the Naira gained 65 Kobo, or 0.14 percent, against the US dollar in the official market segment, closing at N461.35/$1 versus the previous day’s rate of N462.00/$1.
According to data from FMDQ Securities Exchange, the turnover for the trading day was $98.60 million, $50.51 million or 105.0 per cent higher than the $48.09 million recorded in the preceding session.
In the black market, the local currency gained N1 against the US dollar yesterday, trading at N751/$1, up from N752/$1 the previous day.
However, the local currency depreciated by N5.25 against the Pound Sterling in the midweek session, closing at N577.77/£1 versus N552.52/£1 on Tuesday, and lost N2.44 against the Euro, closing at N489.41/€1 versus N486.97/€1.
In other news, the cryptocurrency market was mixed on Wednesday as positive Chinese manufacturing data eased global growth concerns and increased risk appetite in global financial markets.
Bitcoin (BTC) increased by 0.2% to $23,508.07, Ethereum (ETH) increased by 1.1% to $1,649.00, Litecoin (LTC) increased by 1.4% to $97.05, and Ripple (XRP) increased by 0.9% to $0.3791.
However, Binance Coin (BNB) fell 1.5 percent to $299.25, Solana (SOL) fell 1.3 percent to $21.99, Dogecoin (DOGE) fell 0.9 percent to $0.0809, and Cardano (ADA) fell 0.5 percent to $0.3554, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.
