News summary:
- The naira depreciated against the US dollar in the peer-to-peer window of the foreign exchange market but appreciated in the Investors and Exporters window and the black market.
- On Tuesday, the naira traded at N750 per $1 in the P2P section, falling by N1 compared to the previous session.
- Meanwhile, it gained value in the official market, trading at N462.33/$1 and N738/$1 in the black market.
On Tuesday, the Naira lost value against the US Dollar on the Peer-to-Peer (P2P) window of the foreign exchange (forex) market, but it gained value on the Investors and Exporters (I&E) window and the dark market.
In the P2P section of the FX market, traders exchanged their local currency for the U.S. dollar at a rate of N750 per $1. This was down from the previous session’s rate of N749 per $1, which shows that it fell by N1 at the end of business.
On the official market, however, the value of the local currency rose against the dollar by 67 Kobo, or 0.14 percent, to N462.33/$1 yesterday, from N463.00/$1 at the end of trading last Friday.
Due to the Workers’ Day holiday on Monday, it was the first business day of the week, and there wasn’t much demand for the Nigerian currency on the forex market.
According to the FMDQ Securities Exchange, the value of FX trades that took place on Tuesday was $46.04 million. This is a drop of 35%, or $25.64 million, from the previous session’s value of $71.68 million.
Yesterday, the exchange rate between the Naira and the US Dollar on the black market was N738/$1. This is a change from the day before, when the rate was N739/$1.
In the exchange market, the Nigerian Naira lost 71 Kobo against the Pound Sterling on Tuesday, closing at N574.77/£1 instead of N574.06/£1. However, it gained N1.68 against the Euro, selling for N506.11/€1 instead of N507.79/€1 last Friday.
On the crypto market, Bitcoin (BTC) traded for more than $28,500 yesterday as buyers got ready for the Federal Reserve’s interest rate decision tomorrow. Even though the US economy is slowing down, the US central bank is likely to raise rates by 0.25 percent.
The most valuable cryptocurrency, BTC, went up 1.8% to sell for $28,516.07, while its closest competitor, Ethereum (ETH), went up 1.7% to $1,861.98.
Litecoin (LTC) went up by 1.1% to $87.69, Ripple (XRP) went up by 0.5% to $0.4637, Cardano (ADA) went up by 0.3% to $0.3868, and Solana (SOL) went up by 0.2% to $21.86.
On the other hand, Binance Coin (BNB) dropped by 0.4% to $324.70, and Dogecoin (DOGE) fell by 0.2% to $0.0784, while the US Dollar Tether (USDT) and Binance USD (BUSD) both stayed the same at $1.00.