Normalcy appears to have returned to the Nigerian currency market, as the Naira continued to appreciate against the US dollar across the ecosystem.
In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market, the Nigerian currency rose 50 Kobo, or 0.11 percent, to N445.33/$1, up from N445.83/$1 on Thursday.
Domestic currency withstood significant FX demand pressure during the trading session, with forex traders completing transactions worth $159.02 million versus $99.50 million executed the day before, indicating a 59.1% or $59.52 million increase in FX turnover.
In the Peer-to-Peer (P2P) window, the local currency gained N14, or 1.8%, against the US dollar, trading at N748/$1 versus N762/$1 the previous day.
Similarly, the value of the Nigerian currency to its American counterpart increased by N10 yesterday, selling for N735/$1 as opposed to N745/$1 in the previous trading session.
However, in the interbank market, the Naira depreciated by N3.19 against the Euro on Friday, closing at N464.98/€1 versus N461.79/€1 on Thursday, and by N7.66 against the Pound Sterling, closing at N542.33/£1 versus N534.67/£1.
Meanwhile, the cryptocurrency market recovered yesterday as investors renewed their interest in digital assets, causing Dogecoin (DOGE) to rise by 2.6 percent to $0.1016.
Furthermore, Cardano (ADA) gained 1.8% to close at $0.3189, Ethereum (ETH) gained 1.3% to close at $1,289.56, and Solana (SOL) gained 1.4% to trade at $13.65.
Furthermore, Binance Coin (BNB) increased by 1.1 percent to $291.72, Litecoin (LTC) increased by 1.0 percent to $77.23, Ripple (XRP) increased by 0.9% to $0.3924, and Bitcoin (BTC) increased by 0.5% to $17,030.33.
Tether (USDT) and Binance USD (BUSD) both closed flat at $1.00 on Friday.
