Naira Appreciates In The Official Market, P2P, And Parallel Markets

Naira Appreciates

On Thursday, May 4, the Naira strengthened against the US dollar in the Peer-to-Peer (P2P), Investors and Exporters (I&E), and black market windows of the foreign exchange window.

When compared to the previous session’s exchange rate of N751/$1, it increased N5 on the dollar in the P2P wing during the session to settle at N746/$1.

In the black market, the value of the Nigerian Naira increased relative to the US dollar by N2, selling for N735 to $1 as opposed to N737 to $1 on Wednesday.

In a similar vein, on Thursday, the local currency gained 12 Kobo, or 0.03 percent, against the US Dollar in the I&E section of the market, closing at N462.88/$1 as opposed to N463.00/$1 at the end of the midweek session.

This occurred as the value of forex deals increased from $52.32 million to $108.43 million, representing a $52.11 million or 107.2 percent rise.

The Naira had a depreciation in the interbank market, falling against the pound sterling by N1.24 to close at N576.33/£1 from its previous rate of N575.09/£1, and falling against the euro by N3.45 to quote at N508.77/€1 from N505.32/€1 on Wednesday.

In the cryptocurrency market, Bitcoin rose past the $29,000 barrier as markets continued to respond to the US Federal Reserve’s anticipated 25 basis point interest rate hike in May. BTC gained 0.3% to close at $29,186.71.

However, Ethereum (ETH) went down by 0.2 per cent to $1,895.29, Solana (SOL) slumped by 1.9 per cent to $21.85, Dogecoin (DOGE) depreciated by 0.9 per cent to sell at $0.0787, Cardano (ADA) slid by 0.6 per cent to trade at $0.3918, Ripple (XRP) recorded a 0.5 per cent drop to settle at $04621, Litecoin (LTC) went southwards by 0.4 per cent to $88.28, and Binance Coin (BNB) fell by 0.3 per cent to $325.41, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.

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