Naira Strengthens on Official Market, Declines on Parallel – The Naira had mixed results against the US Dollar on Thursday, as the market took a breather after a tribunal ruled that President Bola Tinubu was the winner of the 2023 general election and rejected petitions from the Peoples Democratic Party (PDP) and the Labour Party (LP).
The Nigerian currency appreciated in the Investors and Exporters (I&E) and Peer-to-Peer (P2P) windows, but depreciated in the illicit market and Peer-to-Peer (P2P) segments.
Analysis revealed that on the official market, the local currency appreciated against the U.S. dollar by 4.5 percent, or N34.97, to conclude at N736.62/$1 versus Wednesday’s rate of N775.89/$1.
It was observed that the value of forex transactions remained low as the turnover for the session marginally increased by 1.7 per cent or $1.13 million to $66.43 million from the $65.30 million reported in the midweek session.
On the parallel market, however, the Naira lost N4 against the Dollar during the trading day, selling at N929/$1 compared to N925/$1 the day before.
Also, in the P2P market, the local currency depreciated against its American counterpart by N7 to N933/$1 from N926/$1 the day before.
On the spot market, the Nigerian naira traded at N986.79/£1 and N842.48/€1 against the British pound sterling and the euro on Thursday.
Yesterday, the majority of assets on the digital currency market were in the green, with Bitcoin (BTC) increasing by 2.26 percent to $26,297.77 and Ethereum (ETH) increasing by 1.35 percent to $1,651.35.
Litecoin (LTC) grew by 2.2 per cent to trade at $63.98, Solana (SOL) jumped by 1.6 per cent to sell at $19.92, Binance Coin (BNB) improved by 1.1 per cent to $217.01, Ripple (XRP) rose by 0.7 per cent to trade at $0.5051, Cardano (ADA) appreciated by 0.6 per cent to $0.2586, Dogecoin (DOGE) expanded by 0.4 per cent to $0.0636, the US Dollar Tether (USDT) increased by 0.04 per cent to $0.9997, and Binance USD (BUSD) gained 0.03 per cent to close at $1.00.