The Nigerian Naira gained 25 Kobo, or 0.05 percent, against the US Dollar in the Investors and Exporters (I&E) window of the foreign exchange (FX) market.
According to FMDQ Securities Exchange data, the spot market exchange rate of the Naira was N461.25/$1 in the midweek session, up from N461.50/$1 on Tuesday.
The ease in forex demand pressure helped the local currency gain weight yesterday. The value of FX transactions at the official market moderated marginally by 0.04 percent to $55.54 million from $55.52 million.
Similarly, the Naira strengthened against the US dollar in the parallel market on Wednesday, rising by N1 to settle at N744/$1 from N745/$1 the day before.
However, the domestic currency lost N4 against the American Dollar in the Peer-to-Peer (P2P) FX market yesterday, trading at N760/$1 versus N756/$1 on Tuesday.
Regarding the interbank market, the Nigerian currency closed the session flat against the Pound Sterling and the Euro, at N554.07/£1 and N491.72/€1, respectively.
Meanwhile, the crypto market fell yesterday due to news of a coordinated “international cryptocurrency enforcement action,” which created uncertainty among traders.
On Wednesday, US authorities arrested the majority shareholder and cofounder of Bitzlato Ltd, a Hong Kong-registered virtual currency exchange, for allegedly processing $700 million in illicit funds.
The news that Bitzlato had been shut down and its founder had been arrested dealt a blow to Solana (SOL), which fell 8.4 percent to $21.32.
Cardano (ADA) fell 6.3 percent to $0.329, Binance Coin (BNB) fell 4.3 percent to $289.35, Litecoin (LTC) fell 4.1 percent to $83.54, Ethereum (ETH) fell 3.4 percent to $1,527.94, Dogecoin (DOGE) fell 3.3 percent to $0.0809, Bitcoin (BTC) fell 2.5 percent to $20,770.51, and Ripple (XRP) fell 1.7% to $0.3848.
Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each yesterday.
