On Tuesday, February 14, the Naira appreciated against the US dollar in the Investors and Exporters (I&E) segment of the foreign exchange (FX) market, but depreciated in the Peer-2-Peer (P2P) and black market segments.
According to FMDQ Securities Exchange data obtained by EntrepreneurNG, the local currency gained 0.11 percent or 50 Kobo against the greenback in the official market to close at N461.00/$1 compared to last Friday’s value of N461.50/$1.
This occurred as the value of FX transactions at the I&E increased by 251.7%, or $149.51 million, to $208.91 million from $59.40 million the previous session.
However, in the P2P window, the value of the Nigerian currency against its American counterpart fell by N6 to settle at N764/$1, down from N758/$1 the previous session.
Similarly, the local currency fell by N4 against the US dollar in the parallel market yesterday, closing at N753?41, compared to the previous trading day’s value of N749/$1.
However, the Naira gained N1.85 against the Pound Sterling in the interbank segment on Monday, closing at N558.39/£1 versus N560.24/£1, and it gained N2.78 against the Euro, closing at N493.34/€1 versus N496.12/€1.
There was a major red swing in the cryptocurrency market as worried investors chewed over regulatory activity in the stablecoin sector and the next US inflation report due Tuesday, with Bitcoin (BTC) falling 0.07 percent to $21,738.99 and Ethereum (ETH) falling 0.75 percent to $1,500.58.
Binance Coin (BNB) fell 5.4 percent to $292.38, Litecoin (LTC) fell 2.3 percent to $90.60, Cardano (ADA) fell 1.1 percent to $0.3569, and Ripple (XRP) fell 1.0 percent to $0.3667.
However, Solana (SOL) increased by 0.8% to $20.85, and Dogecoin (DOGE) increased by 0.3% to $0.0816, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.
