By Tolulope Oke
In the peer-to-peer (P2P) currency exchange rate segment, the Naira gained N35 against the US Dollar to trade at N717/$1 today, 21st of September, 2022. The local currency had traded this time yesterday at N752/$1, after closing the previous week at N725/$1.
In the Investors & Exporters (FMDQ) trading window, the local currency opened at N435.07/$1 to close at N436.25/$1. In contrast to N436.50/$1 it concluded trade on Monday, this indicates an appreciation of 0.06 per cent for the local currency.
Data from the FMDQ Securities Exchange showed that the FX turnover at the spot market surged yesterday by 244.9 per cent or $100.49 million to $141.51 million from the $41.02 million recorded on Monday.
Meanwhile, the Naira slumped by N2 in the black market segment to sell at N714/$1 today in Lagos. This is according to sources from Aboki Fx and BDC.
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The same story applies in the Central Bank of Nigeria’s (CBN) forex segment, as the local currency was exchanged at N430.37/$1 compared to N430.01/$1 it traded on Monday, indicating the Naira’s fall of 0.08 per cent.
The prospect of a rate increase in the US on Wednesday had an impact on the digital coins, leading investors to dispose off the virtual currency.
Bitcoin (BTC) fell by 2.9% to $18,973.88, Binance Coin (BNB) fell by 0.5% to close at $267.76, , Ethereum (ETH) fell by 1.1% to close at $1,345.91, Litecoin (LTC) fell by 0.3% to close at $52.20. Solana (SOL) fell by 3.2% to close at $31.72, Cardano (ADA) suffered a loss of 1.9% to close at $0.443
On the other hand, Ripple (XRP) gained 7.4 per cent during the session to settle at $0.4073, Dogecoin (DOGE) appreciated by 0.7 per cent to trade at $0.0588,
Cami Ezenwa is a writer, editor and concepts developer. He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television, to mention a few.
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