On Wednesday, February 8, the Naira gained 0.14 percent or 67 Kobo against the US dollar in the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, closing at N461.50/$1 compared to N462.17/$1 on Monday.
The value of FX transactions at the official market window fell by 39.1 percent, or $47.85 million. The session’s turnover stood at $74.58 million at the close of trades, down from $122.43 million the previous session.
In addition, the Naira regained strength against the American Dollar in the parallel market wing of the FX market on Tuesday, rising N3 to sell at N750/$1, up from N753/$1 the previous day.
However, in the peer-to-peer (P2P) forex market, the Naira remained unchanged against the US dollar, closing flat at N761/$1 yesterday.
This scenario was repeated in the market’s interbank window, where the domestic currency was flat against the Pound Sterling and the Euro at N555.40/£1 and N496.32/€1, respectively.
Following a near-collision with a key support point, the cryptocurrency market saw a significant green swing, with Bitcoin (BTC) holding strong to its resistance level, rising by 1.7% yesterday to $23,270.17, while Ethereum (ETH) rose by 3.1% to $1,680.40.
Solana (SOL) grew by 3.6 per cent to $23.89, Cardano (ADA) appreciated by 3.2 per cent to $0.399, Litecoin (LTC) rose by 2.3 per cent to $101.21, Dogecoin (DOGE) went up by 2.1 per cent to $0.0925, Ripple (XRP) expanded by 1.8 per cent to $0.4019, and Binance Coin (BNB) pointed up by 1.7 per cent to $332.10, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained flat at $1.00 each.
Meanwhile, Nigerians continue to feel the sting of a cash crunch, which has sparked a wave of protests and even violent outbursts across the country.
Frustrated Nigerians have chosen to express their displeasure through fists and attacks, despite President Muhammadu Buhari’s promise, despite speculation that politicians are behind the brewing crisis.
