In the Investors and Exporters and parallel market windows of the foreign exchange market on Friday, the Nigerian Naira fell against the US Dollar while strengthening in the peer-to-peer market as the country struggles with a lack of foreign exchange supply for the currency market.
Due to the liquidity difficulty, it is challenging for FX traders to satisfy the increased demand from their clients, particularly those who require foreign currencies for travel and other purposes, which puts pressure on the local currency.
On the official market, the local currency fell against the dollar yesterday by 1.26 percent, or 4.66 Naira, to settle at N772.82/$1, up from N768.16/$1 the day before as a result of an increase in the volume of foreign exchange transactions.
In comparison to the $58.22 million realized the day before, the session’s turnover was $79.99 million, representing an increase of 37.4% or $21.77 million.
Additionally, on the black market, the value of the Nigerian Naira versus the US dollar dropped by N5 yesterday, selling for N860 to $1 as opposed to N855 to $1 on Thursday.
However, the Naira strengthened against the dollar in the P2P market, selling at N849.00/$1 as opposed to N850.00/$1 the day before.
However, the Naira strengthened against the dollar in the P2P market, selling at N849.00/$1 as opposed to N850.00/$1 the day before.
In the official market on Friday, the Naira strengthened against the British pound by N4.67 to trade at N990.52/£1, up from N995.19/£1 on Thursday. Likewise, it strengthened against the euro by N6.08 to trade at N856.92/€1, up from N863.00/€1 on Thursday.
There was no pressure on the cryptocurrency market yesterday as Bitcoin increased by 0.2% to $29,883.47 and Ethereum decreased by 0.1% to $1,894.16 despite news that a revised US bill excludes a number of traditional securities from the “digital asset” category.
The price of Litecoin increased by 2.1% to $94.32, the price of Solana increased by 1.5% to $25.70, and the price of Binance Coin increased by 0.5% to $244.31.
However, Dogecoin fell by 0.4% to $0.0722, Cardano fell by 0.7% to trade at $0.3126, and Ripple decreased by 2.3% to $0.7727, while Tether and Binance USD closed even at $1.00 apiece.
