Naira to Dollar Converges in Official and Black Markets at N768
On Monday, the Naira to USD exchange rate converged in both the Investors and Exporters (I&E) window of the foreign exchange (FX) market and the portion of the black market.
Since the Central Bank of Nigeria (CBN) floated the local currency this month to allow it to trade at its actual value, this was practically the second time it had happened.
In the official market, the Naira strengthened versus the dollar by 0.26% or N1.98 yesterday, selling for N768.19 to $1 as opposed to N770.17 to $1 last Friday.
This happened when daily turnover reported on the FMDQ Securities Exchange increased from the $125.47 million recorded in the previous trading session by 57.9% or $72.66 million to $198.13 million.
Contrary to the preceding session’s rate of N767/$1, the local currency on the parallel market appreciated versus its American counterpart by N1 to quote at N768/$1.
The Nigerian Naira gained 1 Naira in the peer-to-peer (P2P) marketplace on Monday, trading at N779/$1 as opposed to N780/$1 last Friday.
Additionally, according to data from the CBN, the Naira strengthened versus the pair of the Euro and the Pound Sterling on Monday.
The value of the Nigerian Naira increased by N16.58 against the Euro, closing at N809.19/€1 from N825.77/€1, and by N15.33 against the British Pound, rising to N944.84/£1 from N960.17/£1.
On Monday, the cryptocurrency market experienced mixed results, with Bitcoin (BTC) closing at $30,384.56 after gaining 0.5%, and Ethereum (ETH) closing at $1,873.76 after a loss of 0.14%.
The price of Litecoin (LTC) increased by 1.1% to trade at $88.01; the price of Binance Coin (BNB) increased by 0.9% to $238.87; while the price of US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.
However, Dogecoin (DOGE) plummeted by 8% to $0.0652, Solana (SOL) declined by 1.2% to $16.50, Cardano (ADA) lost 1.8% to trade at $0.282, and Ripple (XRP) shrank by 0.5% to trade at $0.4822.
