Naira Strengthens In Official And Parallel Markets But Depreciates In Peer-To-Peer Trade

Naira Strengthens

On Wednesday, April 26, the value of the Naira relative to the US dollar decreased in the peer-to-peer (P2P) area of the foreign exchange (forex) market, but increased in the Investors and Exporters (I&E) and parallel market areas.

Compared to Tuesday’s exchange rate of N750/$1, the value of the Nigerian Naira decreased by N2 to settle at N752/$1 in the peer-to-peer market.

But on the black market, the Naira strengthened against the dollar by N2 yesterday, trading at N734 to $1 as opposed to N736 to $1 the day before.

The official market saw a N1.31 or 0.38 percent increase in the value of the local currency from Tuesday’s value of N463.44/$1 to today’s quote of N462.13/$1.

Data from the FMDQ Securities Exchange indicated that the value of forex deals increased by $57.28 million or 91.4 percent to $119.97 million from the $62.69 million recorded in the preceding session, indicating that the Naira resisted the pressure from FX demand that it faced throughout the session.

However, in the midweek session of the forex market, the local currency stayed unchanged versus the British pound and the euro, closing at N572.99/£1 and N505.04/€1, respectively.

Most of the tokens monitored by Business Post in the market for digital currencies changed course as investors continued to respond negatively to First Republic Bank after it was revealed that clients withdrew almost $100 billion in deposits from the lender last month.

Cardano (ADA) increased by 3.1% to $0.4084, while Ethereum (ETH) increased by 2.2% to trade at $1,907.32 and Bitcoin (BTC) increased by 2.5% to $29,026.16.

However, Litecoin (LTC) fell 2.3% to $89.04, Binance Coin (BNB) fell 1.5% to $323.76, Ripple (XRP) fell 1.3% to $0.4632, Solana (SOL) fell 0.6% to $21.77, and Dogecoin (DOGE) fell 0.1% to $0.08016, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.

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