Naira Appreciates Further, Traded at N420/$1 on Wednesday

The value of the Nigerian currency, Naira appreciated against the United States currency at the Investors and Exporters (I&E) segment of the foreign exchange (FX) on Wednesday.

The Naira was traded at the official market yesterday at N420/$1 compared with the N420.75/$1 it was transacted at the previous trading session, indicating a growth of 0.18 per cent or 75 kobo.

The strengthening of the local currency occurred amid a slight increase in the turnover by $9.54 million or 8.3 per cent to $124.62 million from the preceding day’s $115.08 million.

In the Peer-to-Peer (P2P) segment of the market, the domestic currency, however, depreciated against the US Dollar by N1 or 0.2 per cent to sell at N616/$1 compared with Tuesday’s rate of N615/$1.

But at the interbank window, the local currency closed flat against the Pound Sterling and the Euro at N502.44/£1 and N434.59/€1 respectively.

• RELATED: Despite moderations in the parallel market, the Naira falls to N420/$1 at the I&E window.
• RELATED: Naira Depreciates Further, Closes at 0.12% on FMDQ

In the cryptocurrency market, there was a ray of hope for investors despite the decision of the US Federal Reserve to raise benchmark interest rates 75 basis points in a move to contain rising inflation.

Solana (SOL) appreciated by 20.4 per cent to sell at $34.12, Dogecoin (DOGE) gained 14.7 per cent to trade at $0.0607, Cardano (ADA) jumped by 13.5 per cent to sell at $0.5197, Litecoin (LTC) rose by 13.0 per cent to trade at $49.89, Ripple (XRP) recorded a 9.2 per cent rise to quote at $0.3371, and Binance Coin (BNB) recorded an 8.8 per cent rise to trade at $230.69.