Naira Gains N1 Against US Dollar at P2P FX Market

By Adedapo Adesanya

The Naira finally appreciated against the US Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (FX) market on Friday, April after closing flat for the last five trading sessions.

According to data obtained by Business Post, the Nigerian currency gained N1 against the greenback to sell for N583/$1 in contrast to the N584/$1 it traded a day earlier.

However, at the Investors and Exporters (I&E) window of the forex market, the Naira depreciated by 0.11 per cent or 46 kobo against the American currency, closing at N416.63/$1 compared with Thursday’s exchange rate of N416.17/$1.

Also, the local currency witnessed a downward movement against the British Pound Sterling at the spot market on Friday by 8 kobo to trade at N546.54/£1 compared to the previously traded rate of N546.46/£1 but appreciated by N2.29 against the Euro during the session to sell for N459.92/€1 in contrast to the previous day’s N462.21/€1.

At the cryptocurrency market, prices of digital coins rose on Friday as all the 10 tokens tracked by this newspaper across several trading platforms pointed northwards.

Solana (SOL) pulled a staggering 10.5 gain to trade at N80,834.71, Ethereum (ETH) saw its value go up by 4.8 per cent to sell at N2,009,998.00, Binance Coin (BNB) grew by 3.6 per cent to trade at N184,836.05, while Dogecoin (DOGE) appreciated by 1.9 per cent to close at N83.68.

In addition, Dash (DASH) moved up by 1.7 per cent to sell at N75,576.98, Ripple (XRP) appreciated by 1.6 per cent to trade at N486.62, Bitcoin (BTC) witnessed a 1.1 per cent appreciation as it sold for N27,345,005.76, Cardano (ADA) recorded a 0.9 per cent gain to sell at N693.58, Litecoin (LTC) went up by 0.8 per cent to quote at N74,042.43 while the United States Dollar Tether (USDT) recorded a 0.2 per cent gain to sell at N597.71.