FX: Naira continues to appreciate to N428.12/$1 at the spot market

On Thursday, August 4, the Naira gained N1.08 or 0.25 percent versus the Dollar in the foreign currency market’s Investors and Exporters (I&E) segment, trading at N428.12/$1 compared to the previous day’s N429.20/$1.

This occurred as the amount of FX traded on the spot market declined by 10.9 percent, or $13.56 million, to $110.22 million from $123.78 million during the session.

However, under the Peer-to-Peer (P2P) window, the Nigerian currency declined by N11 versus the US dollar, falling to N671/$1 from N660/$1 on Wednesday.

In the interbank segment of the market, the Naira appreciated against the Pound Sterling by N4.57 to N505.11/£1 from the rate of N509.68/£1 it was sold in the previous session.

In the same trend, against the Euro, the Nigerian currency gained N1.07 to sell for N425.55/€1 versus N426.62/€1 in the preceding session.

In the black market, the local currency appreciated by N2 to trade at N638/$1 compared with the midweek rate of N640/$1.

In the cryptocurrency market, the bulls were in control as eight of the 10 tracked tokens tracked by Business Post were pointing south, led by Litecoin (LTC, which gained 6.1 per cent to trade at $61.83.

Binance Coin (BNB) recorded a 4.7 per cent appreciation to trade at $314.61, Solana (SOL) appreciated by 4.3 per cent to $40.37,  Dogecoin (DOGE) rose 3.5 per cent to trade at $0.0689, Ethereum (ETH) saw its value go up by 2.8 per cent to sell at $1,666.65, Cardano (ADA) recorded a 2.1 per cent growth to sell at $0.5121, Ripple (XRP) recorded a 1.7 per cent jump to trade at $0.3767, and Bitcoin (BTC) added 1.6 per cent to sell at $23,257.23.

But TerraClassicUSD (USTC) retreated by 0.2 per cent to $0.0339, while the US Dollar Tether (USDT) retained parity in its value as it sold for $1.00.