The Naira fell by 40 Kobo or 0.09 percent against the US dollar in the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, February 10 to close at N461.50/$1 compared to the previous day’s rate of N461.10/$1.
According to data obtained by EntrepreneurNG from the FMDQ Securities Exchange, the local currency was under pressure due to an increase in demand for forex at the market window.
The value of forex transactions at the I&E segment yesterday was $59.40 million, up from $40.24 million on Thursday, representing a 47.6 percent or $19.16 million increase in turnover.
However, in the Peer-2-Peer (P2P) market, the local currency rose by N5 against the US dollar to trade at N758/$1, up from N763/$1 the previous session.
Similarly, the Nigerian currency gained N2 against the US dollar to settle at N749/$1 compared to the previous day’s exchange rate of N751/$1.
However, the Naira closed flat against the British Pound Sterling and the Euro during the session, at N560.24/£1 and N496.12/€1, respectively.
Meanwhile, the cryptocurrency market remains volatile following comments from US Fed Chair Jerome Powell, who hinted at further rate hikes.
This weakened Solana (SOL) by 1.8% to $20.41, Ripple (XRP) by 1.3% to $0.4092, Bitcoin (BTC) by 0.8% to close at $21,689.34, and Ethereum (ETH) by 1.6% to sell at $1,520.79.
However, Litecoin (LTC) increased by 2.7% to $94.67, Binance Coin (BNB) increased by 0.4% to $308.12, Dogecoin (DOGE) increased by 0.3% to $0.0821, Cardano (ADA) increased by 0.2% to $0.3617, and Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.
