Naira appreciates at P2P, declines at I&E and parallel markets – On Friday, April 28, the naira strengthened in the Investors and Exporters (I&E) and parallel market windows of the FX market versus the US dollar, while it strengthened in the Peer-2-Peer (P2P) window.
During the session, currency dealers in the P2P sector of the market exchanged Naira for dollars at N749/$1, up from N750/$1 the previous day, showing that the local currency appreciated by N1 in 24 hours.
On the other hand, the parallel market saw the local currency fall against its American counterpart by N2 to sell at N739/$1 as of Friday morning, down from N737/$1 on Thursday.
On the parallel official market, the Nigerian naira fell on Friday, trading at N463.00/$1 from N462.13/$1 the day before. This represents a loss of 87 Kobo, or 0.22 percent.
Naira/Pound Sterling exchanged hands at N574.06/£1 yesterday, up 72 Kobo from the previous session’s N574.78/£1, and Naira/Euro exchanged hands at N507.79/€1, up N1.26 from the previous session’s N509.11.
After the release of the US Personal Consumption Expenditure (PCE) Price Index, which was in line with market expectations, Bitcoin (BTC) fell below the $29,500 mark on the cryptocurrency market.
The Core Personal Consumption Expenditures Price Index fell 4.6% annually and increased 0.3% monthly.
The most valuable cryptocurrency, Bitcoin (BTC), fell 1.3% on Friday, selling for $29,362.26. Ethereum (ETH) saw its hopes of moving closer to $1,900 hit a snag, dropping 1.4% to $1,897.98. Binance Coin (BNB) dropped 3.2%, selling for $324.81; Cardano (ADA) fell 1.6%, selling for $0.4056; and Litecoin (LTC) dropped 0.5%, selling for $89.75.
While the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00, Solana (SOL) rose 3.2% to $23.19, Ripple (XRP) gained 2.4% to $0.4791, and Dogecoin (DOGE) rose 0.3% to $0.0805.