Nigerian currency gains thanks to improving supply of dollars

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An improvement in the supply of dollars to the foreign exchange (FX) market in Nigeria further strengthened the value of the Naira on Wednesday.

The Nigerian currency appreciated against the US dollar in different segments of the foreign exchange market at the close of mid-week trading.

trade publication reports that the Naira gained N18 against the dollar during the session in the Peer-to-Peer (P2P) window of the market to settle at N766/$1 compared to N784/$1 the day before.

In the Investors and Exporters (I&E) segment, the local currency held steady against its US counterpart yesterday to close at N445.30/$1 despite an increase in the value of FX trades posted on Wednesday.

According to FMDQ Securities Exchange, turnover for the session increased 63.8 percent or $69.12 million to $177.44 million from $108.32 million.

On the interbank leg, the naira appreciated against the pound sterling on Wednesday by N2.46 to trade at N534.67/£1, in contrast to Tuesday’s quote of N537.13/£1, and against the euro, the local currency gained N3.32 to close at N461.79/€1 compared to N465.11/€1 the day before.

On the black market, the Nigerian naira appreciated against the US dollar by N18 to trade at N750/$1 compared to Tuesday’s exchange rate of N768/$1.

In the crypto market, the market was mixed, with Solana (SOL) rising 2.3% to $13.91, Bitcoin (BTC) jumping 1.3% to $17,717.16 and Ethereum (ETH) appreciating 0.9 % to sell for $1,283.14. .

Additionally, Cardano (ADA) added 0.8% to its value to trade at $0.3167, while United States Tether (USDT) rose 0.02% to sell at $1.00.

On the other hand, Dogecoin (DOGE) was down 2.8% to trade at $0.1036, Litecoin was down 1.8% to trade at $77.03, Binance Coin (BNB) was down 1.1% to close at $295.84, Binance USD (BUSD)) was down 0.07% at $1.00, and Ripple (XRP) depreciated 0.01% to trade at $0.4011.

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