On Friday, April 7, the Naira strengthened against the US dollar in the Peer-to-Peer (P2P), black market, and Investors and Exporters (I&E) segments of the foreign exchange market.
In the P2P forex window, the Nigerian currency gained N2 against the US dollar, closing at N748/$1 as opposed to N750/$1 on Wednesday.
In the parallel market, the Naira gained N1 against the dollar during the session, finishing at N738/$1 versus N739/$1 the previous day.
In the same vein, the local currency gained 50 kobo or 0.11 percent against its American counterpart at the I&E window, closing at N463.25/$1, up from N463.50/$1 the day before.
According to FMDQ Securities Exchange data, the spot market saw a 35.48 percent or $26.57 million increase in forex transactions yesterday to $101.45 million, up from $74.88 million the previous day.
There will be no forex trading in the official market today because the federal government has declared Friday, April 7, and Monday, April 10 as public holidays for Easter.
On Thursday, the interbank rate of the Naira to the Pound Sterling and the Euro remained unchanged at N574.97/£1 and N502.11/€1, respectively.
The cryptocurrency market was down yesterday, and the majority of the tokens tracked by Business Post ended up in the red.
Markets were consolidating ahead of Friday’s non-farm payrolls report. Payrolls are expected to be 240,000 for last month, with the US unemployment rate remaining at 3.6%.
Dogecoin (DOGE) was the biggest loser, falling 9.9 percent to $0.0828 after Twitter returned to its original logo after using a mascot associated with the coin, prompting investors to buy the coin.
Bitcoin (BTC) fell 0.2 percent to $27,967.14, Ethereum (ETH) fell 0.9 percent to $1,868.87, Cardano (ADA) fell 2.0 percent to $0.3808, Solana (SOL) fell 1.6 percent to $20.41, Litecoin (LTC) fell 1.5 percent to $90.66, and Binance Coin (BNB) fell 0.6 percent to $311.56.
However, Ripple (XRP) increased by 1.9% to $0.5125, while Binance USD (BUSD) and US Dollar Tether (USDT) maintained parity at $1.00 each.
