By Tolulope Oke
Dollar to Naira exchange rate today, 28th September at the peer-to-peer (P2P) segment is set at N734.02/$1, compared to at N722.92/$1 it traded this time yesterday.
This surge comes on the heels of the CBN’s unanimous decision to increase the monetary policy rate to 15 per cent, barely a month after increasing it to 14 per cent. The main cause of this decision was the nation’s inflation rate leaving the benchmark of 20 per cent.
In a similar vein, the black market segment witnessed the same trend as the Dollar surged to N727/$1 in contrast to N721/$1 it traded yesterday. This is according to currency traders in Lagos.
In the Investors and Exporters (I & E) Window, Naira slumped by 0.08 per cent to settle at N436.33/$1 the same value it concluded last week. This, however, is in contrast to N430/$1 it closed trades on Monday.
The value of forex transactions recorded at the spot market yesterday went up by 27.31 per cent or $21.33 million to $99.43 million. In the interbank segment of the market, the Naira closed flat against the Pound Sterling at N463.96/£1.
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Meanwhile, in the Central Bank of Nigeria’s (CBN) forex sector, the local currency remained flat to settle at N431.83/$1.
Bitcoin (BTC), which had managed to surpass that level the day before, fell back below $20,000 Tuesday, signaling a downward trend in the digital currency market.
As Ripple (XRP) had a 10.1% decline to trade at $0.4282 on Tuesday, its value decreased by 6.5 percent to conclude at $18,765.50.
The price of Ethereum (ETH) dropped 6.9% to close at $1,284.29; Solana (SOL) fell 6.5% to close at $32.44; Cardano (ADA) fell 5.6% to close at $0.4312; Binance Coin (BNB) lost 5.1% to close at $270.03; Litecoin (LTC) dropped by 5.0% to close at $52.07; and Dogecoin (DOGE) experienced a 4.5% decline to close at $0.0594.
The US Dollar Tether (USDT) and Binance USD, however, closed level at $1.00.
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