On Saturday, the Naira experienced three possible scenarios in the foreign exchange (forex) market, as it appreciated against the US Dollar in the Investors and Exporters (I&E) segment, lost in the Peer-2-Peer (P2P) window, and remained stable in the black market wing of the market.
In the I&E market, the domestic currency gained 65 Kobo or 0.14 percent against the US dollar yesterday, selling at N462.23/$1, up from N462.88/$1 the previous day, amid an 18.3 percent or $19.86 million increase in FX turnover for the trading session to $128.29 million, up from $108.43 million the previous trading day.
In the parallel market, the Nigerian currency to US dollar exchange rate remained unchanged during the session at N735/$1.
However, in the P2P window, the Naira fell by N4 against the US dollar to trade at N750/$1, down from N746/$1 the day before.
In addition, the value of the domestic currency fell by N3.49 against the British Pound Sterling on Friday, trading at N579.82/£1 compared to the previous N576.33/£1, and fell by N1.78 against the Euro, trading at N510.55/€1, compared to Thursday’s N508.77/€1.
Meanwhile, the digital coins tracked by ENTREPRENEURNG in the cryptocurrency market yesterday were mostly mixed, with investors flocking to Ethereum (ETH) in response to its newest memecoins, causing its value to rise by 3.5% to $1,963.90.
Bitcoin (BTC) increased by 0.5% to $29,386.57, Solana (SOL) increased by 3.9% to $22.67, Dogecoin (DOGE) increased by 0.4% to $0.0791, and Ripple (XRP) increased by 0.3% to $0.4644.
On the other hand, Litecoin (LTC) fell 0.8% to $87.57, Cardano (ADA) fell 0.3% to $0.3905, and Binance Coin (BNB) fell 0.3% to $325.50, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained flat at $1.00 each.
The newly created SpongeBob token (SPONGE), which is based on Spongebob Squarepants and was launched on Thursday, has increased nearly 600% since then and is currently trading at less than one cent per coin.
The market is concerned because these are driven by hype and social media, and investors have suffered significant losses as a result of investing in them.
